The UK Crown Estate will invest £20m for the development of the country's first wave and tidal stream array projects, thereby providing support to the upcoming industry.
Two wave or tidal stream project will receive the Crown’s support alongside government grants and help from other companies.
Each of the projects will include multiple generation devices arranged in an array to generate low-carbon electricity and must have a minimum total installed capacity of 3MW.
Commenting on the planned investments Crown Estate energy and infrastructure portfolio director Rob Hastings remarked that it was time for the wave and tidal energy industry to exhibit demonstration projects having proven the feasibility of the technologies involved.
"By bringing our capital and expertise to bear, we hope to catalyse investments by others and to see projects proceed to construction and operation as soon as possible," added Hastings.
Trade and professional body representing wave and tidal industries, RenewableUK welcomed the move and said that the funding will not only accelerate deployment of full-scale arrays in the water, but also attract private investment to commercialize the sector.