The funding syndicate for the first phase also includes developer Atlantis Resources, the UK Department of Energy & Climate Change, Scottish Enterprise via the Renewable Energy Investment Fund, and Highlands & Islands Enterprise.

Construction on the first phase of four 1.5MW turbines starts later this year, with first power expected in 2016.

According to the Crown Estate, the Inner Sound tidal array, located in one of the most challenging stretched of UK water, has the potential to play a crucial role in advancing technology and developing essential construction and operating experience, paving the way for larger commercial schemes around the UK and worldwide.