Tidal technology and project developer Atlantis Resources Limited has acquired the 398-MW MeyGen array.
Located in the Inner Sound development zone of Scotland's Pentland Firth, the array is the largest of its type in Europe.
Atlantis Resources already held 10% of the company developing the project, MeyGen Limited, and acquired the remaining equity from joint venture partners Morgan Stanley and GDF Suez.
"Having first established the MeyGen project back in 2006, we are very pleased to again have overall control of the project as the lead project developer as we enter the final straight towards first array deployment," Atlantis Resources CEO Tim Cornelius said. "We are hugely excited about the site's potential and look forward to continuing to work with the existing project team on its successful realization."
The 3.5 square km site is being developed in multiple stages, with its first power expected to be generated in late 2015 or early 2016.
The developers recently received a lease agreement from the Crown Estate and began upgrading transmission lines to provide a grid connection point.
Cornelius said the acquisition will help the company in its strategic objectives, which already includes the development of projects in Canada, India and China.
"Taking full ownership of MeyGen will allow us to further strengthen our credentials as a leading developer of tidal power projects, which complements our other principal activity as a turbine developer with our technology partner, Lockheed Martin," Cornelius said. "We will seek to consolidate our position as one of the leading marine energy companies by building our project development pipeline in the UK, Europe, North America and Far East in the coming years."
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