Irish wave power developer Wavebob will hold the remaining 49%, though both companies say they are open to more partners in the future.

Pandion has applied for a number of prime ocean energy sites along the western coast of Ireland, which it says it can eventually develop to produce more than 250MW once it becomes technically and economically viable.

The move marks Vattenfall’s first step towards the emerging ocean energy market, while it continues to pursue other renewables, nuclear power and coal using carbon capture and storage (CCS).

The United Kingdom and Ireland will be Vattenfall’s preferred regions for developing marine energy projects, according to senior vice president Helmar Rendez.

“Ireland’s exceptional wave climate, extensive support schemes, strong political support and appointed areas for exploitation of ocean energy makes establishment there favourable,” Rendez says. “Quick consent processes are foreseen and Vattenfall has an interest to stimulate the development of the market as well as the technical development.”

Vattenfall says it is “very probable” it will develop more ocean energy ventures in the UK and Ireland in the future, but adds that both markets require improvements in electrical transmission capacity before it makes any large investments.