Green campaigners have welcomed plans for a £500 million boost to Scotland’s tidal power industry.
Global tidal power company Atlantis outlined the commitment after entering into a partnership with infrastructure investment firm Equitix.
The deal will see the two work together to advance Atlantis’s portfolio of tidal power projects in Scotland.
Atlantis, headquartered in Singapore, has its main operations office in Edinburgh.
Equitix intends to acquire at least 25% of each Atlantis project under the agreement.
A statement said: “In the next two years alone, Atlantis anticipates committed capital investment of almost £500 million for construction of the company’s Scottish portfolio, from a combination of debt, equity and grants.
“This includes £51 million already committed for the current construction of the first phase of the MeyGen project, which is scheduled to produce first power this year.”
WWF Scotland director Lang Banks said: “It’s great to hear of plans by investors to get behind Scotland’s tidal power industry in a big way.
“With some of the most powerful tides in Europe, Scotland is well-placed to lead in developing this promising technology.”
Atlantis chief executive Tim Cornelius said: “This agreement with Equitix is an important step for us in engaging a partner with both vital experience of large infrastructure projects and access to extensive capital, coupled with a desire to work with us to accelerate the further development of the UK’s tidal power industry.”
Equitix founding director Nick Parker said: “We are delighted to be entering into this partnership agreement with Atlantis, the clear market leader in the tidal energy industry which secures access to a pipeline of primary investment opportunities and has tremendous growth potential in the UK.”