Atlantis has pledged to start construction of its MeyGen tidal turbine scheme in Scottish waters later this year.
The renewable energy firm won £10M government funding for the scheme in February 2013, and further European funding for a multi-turbine array at the Pentland Firth site this February.
It said in its annual report today: “Atlantis will now capitalise on over five years of project planning and engineering to bring this milestone development to construction.
“Construction of Phase 1A of the MeyGen project is expected to commence in the second half of 2014, with first power expected in 2016.”
Atlantis Resources chief executive Tim Cornelius said: “Following the successful fundraising and admission to AIM in February 2014, the group is well placed to continue the development of its cornerstone MeyGen project in Scotland, the world’s largest tidal energy power project.”