Atlantis Resources has entered negotiations with the Duchy of Lancaster as its preferred developer for the buildout of the proposed Wyre tidal barrage project.
The project would be mainly situated on the Duchy estate between Fleetwood and Knott End on the Lancashire coast.
Atlantis and the Duchy will now enter into a period of negotiation to reach agreement regarding an option for a long-term lease for the proposed site to permit the development of a tidal power scheme with a proposed installed capacity of 160MW, the Edinburgh-based tidal energy developer informed.
The project is predicted to be capable of producing almost 300GWh of sustainable energy each year, coupled with flood protection capabilities.
It is expected that the process of obtaining all necessary consents to begin development will take approximately three years, but this option agreement would grant the necessary rights and access for the majority of the required land, Atlantis said.
Tim Cornelius, CEO of Atlantis, said: “We believe that the project will help to stimulate the local economy in Fleetwood, bring wider benefits to the region, and represent a cost-effective option for clean, large scale domestic power production.
“This will be a major project for our Atlantis Energy division as we continue our diversification strategy and we look forward to working with the Duchy of Lancaster our partners, investors and supply chain to bring the project to fruition.”
To remind, Atlantis teamed up with Natural Energy Wyre (NEW) in February 2017 to develop the 160MW Wyre project, following the launch of its new division, Atlantis Energy, established to exploit the opportunities in non-tidal stream projects such as tidal lagoon, tidal barrage and offshore wind projects.