Option fees will be charged in order for tidal and wave energy developers to secure sites for commercial scale marine energy development whilst they prepare environmental impact assessments and apply for planning consent and financial approvals.

The Crown Estate will match fund the option fees and the resulting combined fund will be invested to accelerate the timetable for successful development of tidal and wave energy projects.

Early funding priorities are expected to include data gathering within the strategic area, grid infrastructure design and co-ordination, supporting research and development, and promotion in the development of health, safety and environment codes of practice.