Shares of Edinburgh-based tidal power company Atlantis Resources rose about 8% after it said that first power had been produced from the MeyGen site in the Pentland Firth between Thurso and Orkney.

The firm’s shares have doubled in the past year, giving it a current stock market value of around £88 million.

Atlantis CEO Tim Cornelius said: “It’s especially exciting to be making this announcement on the morning after the first ‘super moon’ in 68 years.

“Last night, those of us with clear skies were able to get a good view of the powerhouse behind tidal energy, and be reminded that even in times like these there are still predictions we can rely on.

“The success of this first phase is a foundation for the tidal industry to build upon to ensure we develop a new energy sector which can deliver clean, predictable and affordable power from the UK’s own abundant resources.

“When it comes to energy, we think consumers should be asking for the moon, and we know how to harness it.”

Atlantis said is the indirect majority owner of the MeyGen project through its 92% shareholding in Tidal Power Scotland Limited, which owns 83.5% of MeyGen Limited alongside Scottish Enterprise (16.5%).

It said the first phase of the MeyGen project has been funded through a combination of debt, equity and grants from Atlantis, Scottish Enterprise, Highlands and Islands Enterprise, The Crown Estate and the former Department for Energy and Climate Change.

Cornelius added: “This is the moment we have been working towards since we first identified the MeyGen site back in 2007, and I am immensely proud of and grateful for the remarkable team of people who have contributed to this milestone — our suppliers, our funders, our supportive shareholders, and of course the project team, whose commitment, tenacity and belief have been without equal.

“I look forward to bringing more news of the project development over the coming weeks and months as we move into the full operational phase.”