The tidal farm would be in Kyle Rhea, a strait of water between the Isle of Skye and the Scottish mainland.
The development of the project is subject to securing a lease agreement from The Crown Estate, securing planning approval from Marine Scotland (part of the Scottish Government) and raising the finance for the project.
MCT estimates that the cost of the 5 MW Kyle Rhea tidal power scheme, consisting of four SeaGen tidal units, will be £35million.
Over the past 9 months, MCT has undertaken a series of environmental and technical studies and consulted a range of local and national organisations.
The work to date has confirmed the suitability of the site and subject to further studies being carried out and further consultations, MCT aims to submit a planning application towards the end of 2011.