It is the largest marine energy Lease to be awarded by the Crown Estate, and the first in the Pentland Firth and Orkney Waters region.
A total of 269 turbines will be installed as part of the project. Construction is scheduled to commence from next month, with first power to the grid expected at the start of 2016.
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Dan Pearson, Chief Executive of MeyGen, said: "Signing the lease with the Crown Estate is a significant achievement being the first of its kind and demonstrates how a commercial scale energy project can be designed, consented, engineered and funded within four years.
"This is the culmination of a talented and committed team working alongside stakeholders and governments who are determined to launch a new energy sector within Scotland and the UK. We are thankful to all who have helped us along the journey and look forward to delivering the first phase."
Ronnie Quinn, Head of Ocean Energy, Crown Estate, added: "Our commitment to invest in and agree a lease for the Meygen project continues our strategy to explore tidal stream energy on a commercial scale and its potential to help unlock the nation's tidal energy resources over the long-term."
(JP/MH)
