The loan will help the company complete a 2.4MW Oyster array, located at the European Marine Energy Centre (EMEC) off the coast of Orkney.
The array will include three of Aquamarine Power’s next-generation Oyster wave power devices to generate electricity.
The company said it will repay the loan over five years from the revenue generated by the 2.4MW array.
Aquamarine Power installed its first 800kW Oyster 800 device at Billia Croo near Stromness in Orkney last month, with two more expected in 2012 and 2013.
