The world’s largest tidal power project and the first tidal array project in the UK, has been given the green light.

The Crown Estate announced that it will invest nearly £10 million into the MeyGen Ltd tidal power development in the Inner Sound of the Pentland Firth, Scotland.

Once completed, the 269-turbine development could power almost 175,000 homes and support more than 100 jobs in the north of Scotland. The first phase of the project will see four turbines installed in the next two years, rising to 61 turbines by 2020.

The MeyGen project is owned by AIM-listed tidal power company Atlantis Resources, which has successfully led a funding syndicate to raise approximately £50 million which will be used to finance the initial stage of the wider scheme.

The MeyGen funding syndicate for the first phase of this project also includes Atlantis Resources Ltd, the Department of Energy & Climate Change, Scottish Enterprise via the Renewable Energy Investment Fund (delivered by the Scottish Investment Bank) and Highlands and Islands Enterprise.Bank) and Highlands and Islands Enterprise.

Rob Hastings, Director of Energy and Infrastructure of The Crown Estate said: “We have been a major player in the development of the offshore renewable energy industry for over 10 years. Our commitment to this investment is part of our strategy to explore the potential of tidal stream energy on a commercial scale with a project that offers a crucial stepping stone on the path towards unlocking the nation’s tidal energy potential over the long term.”

Energy Secretary Ed Davey said: “This innovative and exciting project puts Scotland and the UK on the map as a global leader in marine technology – meaning jobs, better energy security and the potential to export this technology to the world.

“The project also shows what can be done when the UK and Scottish Governments work together to provide a lasting benefit for the people of Scotland.”