The chief executive of the firm behind a huge tidal power project has asked the Government for a special deal to help get the third phase of the project underway.

Speaking as Phase 1A of the Meygen Project in the Pentland Firth neared completion, Atlantis Resources chief executive Tim Cornelius said without, support jobs and investment would be lost.

Mr Cornelius said he had asked the UK Government to enter into a bilateral negotiation for 80 megawatts of capacity, which would allow it to proceed with Phase 1C “without further delay”.

“The success of MeyGen, the world’s largest tidal stream project, firmly positions the UK as the leader of an industry which could provide sufficient affordable, secure, predictable and clean power to meet 20 per cent of the UK’s future electricity need,” he said.

Phase 1A of Meygen will enter its 25 year operational phrase within weeks. Phase 1B, also known as Project Stroma, will begin construction later this year, backed by €20.3 million of European Union funding.

“Tidal stream power costs are reducing all the time with a strong trajectory towards achieving parity with established renewables such as offshore wind,” said Mr Cornelius.

“The industrial opportunities of tidal power for the UK are substantial, but without renewed Government support for tidal stream power, the UK is likely to lose jobs and investment overseas.”