Atlantis Resources has signed an agreement with the Duchy of Lancaster for a long-term lease of the riverbed required to build the Wyre estuary tidal barrage and flood protection project in the UK.

The project is expected to generate up to 160MW of power on the Duchy estate site between Fleetwood and Knott End on the Lancashire coast.

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Feasibility studies have also shown that the project is expected to generate roughly 300GWh of sustainable energy annually.

Development of the Wyre tidal project will be led by Atlantis, which expects to obtain all the necessary approvals to begin the project within a period of around three years.

Atlantis Resources CEO Tim Cornelius said: “We believe our tidal barrage and flood protection project in the Wyre estuary offers a route to low-cost, predictable and sustainable domestic electricity supply.

“The development will stimulate local economies across the country, establishing improved infrastructure and creating job and supply chain opportunities.”

“This is the pathfinder project the UK Government is looking for, with the potential to facilitate wide-scale development of the UK’s enviable tidal range resources.

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“The development, construction and operation of tidal barrages, a well understood and proven predictable renewable energy technology will stimulate local economies across the country, establishing improved infrastructure and creating job and supply chain opportunities.”

In addition, Atlantis will work with Wyre and Lancashire councils, local stakeholders, UK’s Department for Business, Energy and Industrial Strategy (BEIS), as well as the supply chain and investors to progress the Wyre tidal project.

The company also expects to issue tenders for the project early next year and has already started discussions with potential development stage investors.