The wave farm, located off the north-west coast of Lewis, Scotland, will be the largest fully-permitted ocean energy site in the world.
Lewis Wave Power, a subsidiary of Aquamarine, is expected to install 40-50 Oyster wave energy machines at the site over the next few years.
Commenting on the development, Aquamarine Power chief executive officer Martin McAdam said the approval for the wave farm from the Scottish government is a major milestone for the company.
"We believe wave energy presents an important opportunity for the Isle of Lewis. Our development could provide significant economic benefit to the local community," added McAdam.
Scotland Energy, Enterprise and Tourism Minister Fergus Ewing MSP said, "The development of up to 50 Oyster wave devices off the North West coast of Lewis, when operational, will have the power to produce 40MW of renewable electricity.?
"This is another significant milestone for Scotland’s wave sector. With 10 per cent of Europe’s wave power potential, and 25 per cent of its offshore wind and tidal power potential, the opportunities for Scotland are enormous."?
Meanwhile, the £18m Marine Renewables Commercialisation Fund, which was launched in 2012, will be used to support the wave energy industry, reports the bbc.co.uk.
When completed, the wave farm will generate electricity, enough to power around 30,000 homes.
