Without the "financial support mechanism" in place, officers say it would be unwise to move forward with the scheme, so the Perpetuus Tidal Energy Centre (PTEC) which promised skilled jobs and renewable energy is on hold. It's unclear whether the council will ever see the return of their £1m unsecured loan.
Flowersbrook is a very special part of the Isle of Wight and is looking gorgeous at the moment. Thanks to Les Lockhart for this shot he added to our Flickr Group.
The proposed Tidal Engery Project off the coast of St Catherine's will be a World leader and create hundreds of jobs if it gets the go-ahead says PTEC.
Residents concerned of a 'holiday hijack' as a planning application for this Isle of Wight beauty spot goes live for comments on Boxing Day, with the planning office closed for the week.
Despite local opposition and a 1,700 petition objecting to the plans, five of the seven committee members were satisfied with the information provided by the officers.