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The project in the Solway Firth would involve a mile-long barrage between Annan, Dumfries-shire, and Bowness-on-Solway in Cumbria. It would create a new road link between the two countries.
Those behind the project say siphons and turbines on the site would harness 212 megawatts of power every day.
The Solway Energy Gateway is the brainchild of entrepreneur Nigel Catterson and a group of former academics.
However, conservation group Outstanding Natural Beauty believe the environmental damage it would cause means there's little chance of the dam becoming reality.
A spokesman said:"It would devastate the area."
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