Tidal technology company Nova Innovation and Belgian renewable energy company ELSA secured $3.1 million from European investors to build tidal arrays off the Scottish coast.
"ELSA's decision to invest in Scotland is a testament to the confidence felt by international investors to help develop the huge wave and tidal energy resources from the waters around the Scottish coast," Scottish Energy Minister Fergus Ewing said in a statement Sunday.
The tidal array, which will consist of five 100-kilowatt turbines, will be installed in three stages. Three of the turbines should be commissioned by the end of 2015.
Scotland says it lays claim to about 25 percent of the wind and tidal energy potential and 10 percent of wave energy potential in all of Europe.
The Scottish government aims to generate the equivalent of 100 percent of its annual electricity consumption through community- and locally-owned renewable energy resources by 2020.
Scotland holds a September referendum for independence from the United Kingdom. The government said it could support itself in part through oil and gas revenue while powering the economy on renewable energy.
Swim Week Miami Beach 2014 [PHOTOS]