The UK Crown Estate has announced its plans to invest in Britain’s first wave and tidal stream array projects in an effort to support the growth of the industry.
Up to £20m will be invested in two wave and tidal stream projects, along with other firms and in parallel with grant support from the UK Government.
The cash injection stands to aid the expansion of the marine energy industry, which suffered cuts in 2011.
The Crown Estate noted that the funds will go towards the construction of the projects, which should already have a Crown Estate agreement for lease.
Projects must also have or soon obtain statutory consents and grid connection agreements, and could reach final decisions for capital investment by March 2014.
Eligibility for the investment also requires each project to have multiple generation devices, arranged in an array and with a total installed capacity of 3MW or more.
Crown Estate energy and infrastructure portfolio director Rob Hastings said that many wave and tidal stream technologies have been proven effective.
"First arrays are important because they are on the critical path to larger schemes around the UK and worldwide," he said.
"By bringing our capital and expertise to bear, we hope to catalyse investments by others and to see projects proceed to construction and operation as soon as possible."
The Crown Estate has invited interested developers to submit expressions of interest for investment in their projects.
Image: The Crown Estate plans to invest £20m in wave and tidal stream projects in the UK. Photo: courtesy of The Crown Estate.