Marine Current Turbines bid backed by government
UK tidal energy developer, Marine Current Turbines, has had its application for EU funding approved by the Department of Energy and Climate Change (DECC).
The funding is provided under the EU's New Entrant Reserve (NER) scheme and DECC's approval means the application can go forward for consideration by the European Investment Bank.
The proposal is for a for a turbine tidal farm in Scotland's Kyle Rhea capable of producing 8MW of power - enough to generate electricity for 8,000 homes.
The project will cost £40 million and if the finance and planning consent are secured, it should be up and running by 2014.
Energy minister Charles Hendry said: "I am very encouraged by the strength and breadth of the UK applications for this round of NER funding, with all the projects received by DECC meeting the eligibility criteria.
"They demonstrate that the UK is at the cutting edge of low carbon energy development.
"Taking forward these sorts of technologies will be crucial to our move to a low carbon economy, providing green jobs as well as helping us lower emissions and increase energy security." Alison Brown