Companies are being invited to bid for the contract to build a wave farm off the coast of Cornwall.
The Hub could generate electricity for 14,000 homes
Electricity produced by the £15m Wave Hub will be connected to the national grid by an underwater cable.
The South West Regional Development Agency (SWRDA) has advertised in the official Journal of the European Union.
Last year researchers said the height of waves and the strength of currents off the north Cornish coast had huge potential for generating electricity.
Sited about 10 miles (16km) out to sea off St Ives Bay, the Wave Hub could generate electricity for 14,000 homes and create about 700 jobs by 2020.
The project still needs to secure the government's consent.