Tidal power developer Marine Current Turbines (MCT) has invited investors for its first two commercial-scale projects, including one off Scotland.
The Bristol-based firm, 40% owned by Siemens, is hoping to get project finance for its 8mw Kyle Rhea project off the Isle of Skye.
The project will have four of MCT’s SeaGen turbines and would have the capacity to generate electricity for up to 8,000 homes in the north.
MCT wants to get the project, estimated to cost in the region of £40million, running by 2014-15.
The second scheme would be a nine-turbine project off the Welsh coast at the Anglesey Skerries.
MCT said: “The move to secure the finance for these two projects, which could be the UK’s first tidal projects, is a direct result of the UK’s Government’s proposal to offer five ROCS (renewable obligation certificates) for tidal energy schemes and Siemens Energy’s decision to increase its shareholding in MCT in November last year.”
MCT’s chief executive Andrew Tyler said: “We share Department of Energy and Climate Change’s determination in wishing to build a strong and vibrant tidal and wave energy industry in this country but we can only do this if commercial schemes such as Kyle Rhea and the Skerries attract the necessary investment.
“We have proved the performance and reliability of our SeaGen technology and we continue to invest time and money to improve SeaGen’s operation.
“Coupled with the backing of Siemens Energy, we are confident that there will be strong investment interest in our two projects.”
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