Scottish First Minister Alex Salmond said Scotrenewables Tidal Power Ltd. secured the funding from Norwegian, Swiss and French backers for a commercial-scale turbine program dubbed SR2000. The funding is on top of a $2 million grants awarded by Edinburgh in August.
"Add this to our engineering and maritime expertise and our supportive investment environment and it is clear to see why Scotland's wave and tidal energy industry is leading the way in technology and innovation," Salmond said in a statement.
The Scottish company said its tidal turbine system is rated at 2 megawatts. It's designed for completion in 2014 and is based on a 250 kilowatt prototype.
Salmond announced in October that a separate $164 million fund could help attract private investment to the Scottish renewable energy sector.
The fund is designed to complement existing public and private sector financing and will be delivered through the Scottish Investment Bank. Salmond said the focus of that fund would be financing for wind and tidal energy projects.
Scotland has one of the most ambitious renewable energy programs in the world. The government aims to derive 100 percent of the country's electricity demand through renewable energy projects by 2020.