Perpetuus Tidal Energy Centre (PTEC) has received the go-ahead from the Marine Management Organisation for a tidal energy generation project off the Isle of Wight.
The onshore part of the 30MW project was approved by the local planning authority last year. PTEC is now the largest consented tidal stream energy project in England and Wales.
Operated as a joint venture between private company Perpetuus Energy Ltd and the Isle of Wight Council, the project aims to commercially operate a range of different world-leading turbine technologies, deploying up to 60 turbines.
PTEC said global turbine manufacturers and supply chain companies are already showing interest in the development. Construction is due to start in 2017, and  electricity generation from late 2018.
Project director Mark Francis said: “We started work on the PTEC project back in 2010, and secured the seabed Agreement for Lease in November 2012. We have been liaising with the MMO on the determination of our consent application for more than 16 months, with support from Royal HaskoningDHV and IT Power, both of whom have a proven track record in the tidal energy field.”