The Scottish Government and Crown Estate have unveiled plans for 10 wave and tidal projects off Scotland's north coast to generate as much as 1.2GW of marine energy. The schemes, sited around Orkney and the Pentland Firth, range from 50 MW to 200MW, and aim to deliver a total capacity capable of powering up to 700,000 homes. The estimated capital investment is in the region of �3 to �4 billion by 2020. First Minister Alex Salmond said: "These waters have been described as the Saudi Arabia of marine power and the wave and tidal projects unveiled today � exceeding the initial 700MW target capacity � underline the rich natural resources of the waters of Scotland." With more than seven Gigawatts (GW) of renewables capacity already installed, under construction or consented around the country, Scotland is on track to surpass its target of meeting 31 per cent of electricity demand from renewable energy by 2011 � an interim step towards achieving the 50 per cent target by 2020. This wave and tidal leasing round announcement follows on from two offshore wind leasing rounds in Scottish waters, announced by the Crown Estate in February 2009 and January this year. The combined target capacity across those offshore wind projects is 11.2 GW.