Atlantis Resources has commenced negotiations with the Duchy of Lancaster as its preferred developer for the 160MW Wyre Valley project proposed to come up on the Lancashire coast in the UK.

The tidal barrage and flood protection project will be primarily located between Fleetwood and Knott End on the Duchy estate.

Atlantis and the Duchy are set to enter into a negotiation period to reach agreement relating to an option for a long-term lease for the proposed site to allow the development of a tidal power scheme with a proposed 160MW installed capacity.

Currently, the Wyre Valley project is predicted to have a capacity of nearly 300GWh of clean energy annually and equipped with flood protection capabilities.

Atlantis CEO Tim Cornelius said: “We believe that the Project will help to stimulate the local economy in Fleetwood, bring wider benefits to the region, and represent a cost-effective option for clean, large scale domestic power production.

“This will be a major project for our Atlantis Energy division as we continue our diversification strategy and we look forward to working with the Duchy of Lancaster our partners, investors and supply chain to bring the project to fruition.”

The process of securing all the mandatory consents to start development is expected to take around three years. However, the option agreement if reached would provide the necessary rights and access for the majority of the land needed for the Wyre Valley project.

Atlantis stated that it will work with its development partners, supply chain and investors to move the project forward.

In February, Atlantis Resources forged a partnership with Natural Energy Wyre (NEW) to develop the tidal project.