Under the Agreement, the two companies will enter into a 50:50 joint venture (JV) to develop wave and tidal energy sites in the UK and Republic of Ireland. Work on the development of the first two sites has already started, with plans to roll out further sites over the next three years.

The goal is to deliver marine energy sites suitable for deploying Aquamarine’s wave and tidal technologies, including the Oyster® Wave Energy Converter and the Neptune Tidal Device.

Martin McAdam, Chief Executive of Aquamarine, says: “This contract is the biggest deal in the history of marine energy. Fully consented offshore wind farm sites are selling to owner operators at anywhere between £150,000 and £400,000 per MW consented, giving a strong indication of the large potential value of this deal if all 1,000 MW of sites receive full consents and grid connection.”

Aquamarine is also pursuing a similar contract for developments in Southern Europe.