The 800 kilowatt wave energy converter (WEC) will be built at an as-yet-undisclosed Scottish fabrication yard.
It will deliver 250 percent more power than its forerunner, the Oyster 1, which was successfully connected to the UK national grid at the European Marine Energy Centre (Emec) in Orkney last year.
As well as being more powerful, the Oyster 2 has been redesigned to streamline installation and make maintenance and repair easier.
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