November 21 (Renewables Now) - Atlantis Resources Ltd (LON:ARL) has signed heads of terms with the Duchy of Lancaster for an option for the long-term lease of the riverbed for the proposed 160-MW tidal barrage and flood protection project in the Wyre estuary, northwest England.
The tidal power company said today it expects that it will take about three years to secure all needed consents to begin development. Atlantis said it will now work with the Duchy of Lancaster, the Wyre and Lancashire councils, local stakeholders, the Department for Business, Energy and Industrial Strategy (BEIS), the supply chain and investors to advance the project. It has begun discussions with potential development stage investors.
According to the firm, which will be the lead developer of the Wyre project, the scheme could be a pathfinder for similar barrage projects across the UK. Chief executive Tim Cornelius said it "offers a route to low cost, predictable and sustainable domestic electricity supply."
The tidal barrage is forecast to generate almost 300 GWh per year.