The scheme emerged just days after planning permission expired on the more ambitious Swansea Bay Tidal Lagoon.
The North Wales scheme will involve building a 6.7km long lagoon at the Port of Mostyn in Flintshire.
This will stretch from the breakwater at Mostyn to Point of Ayr and create 300 jobs during the construction.
It’s being developed by Mostyn SeaPower, a subsidiary of Port of Mostyn, which said it would provide a massive boost for the regional economy, helping North Wales to recover from the economic downturn caused by the Covid-19 crisis.
Mostyn SeaPower has been working with BAM Nuttall and environmental experts ABPMer, and has already negotiated a supply deal to National Grid.
An application to the UK Government for a Development Consent Order is to be submitted by the end of 2022.
Mostyn SeaPower said that Dee Estuary was an ideal location because it has one of the highest tidal movements in the UK, as much as 10.2m during high spring tides, as well as having natural deep water for the installation of the turbines.
The lagoon wall will rise 2m above sea level and would provide much-needed flood protection for the low-lying land along the coast which includes homes and businesses, the A548 Coast Road and the North Wales coast railway line which has suffered significant storm damage in recent years.
It will have two sets of turbine houses with three sluice gates to control the volume of water over the tidal cycle, along with lock gates allowing small vessels in and out of the sheltered lagoon.
In total there will be eight 16 megawatt turbines which will generate 298 gigawatt hours of electricity annually from the lagoon which will enclose an area of 12.2 square kilometres and has a design life of more than 100 years.
Jim O’Toole, the managing director of the Port of Mostyn, said: “The construction time for the lagoon wall, turbine housings and sluices will take four years.
“Manufacturing of the turbines will take two years to complete and will be carried out in conjunction with the wall construction.”
He added: “This will be the biggest infrastructure project North Wales has seen for a very long time and it will provide a massive and timely boost for the regional economy to kick-start the recovery from the economic downturn caused by the coronavirus pandemic.
“The relatively small scale of the Mostyn SeaPower project will pave the way for future larger scaled projects around the Welsh coast.”
