The project would involve capturing tidal energy via turbines on a series of four causeways known as the Churchill Barriers.
A notice inviting expressions of interest from developers will be published on the Public Contracts Scotland website later this month.
Discussions with local businesses involved in the renewables sector will also be held by the council.
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Peter Bevan, the Council's engineering services manager, said: "The idea of capturing energy from tidal flows using turbines built into the Barriers has been raised on a number of occasions over the years.
"This exercise will help us assess whether there are developers interested in coming up with concrete proposals for a project of this kind based around the first or second Barriers. This includes the potential for a project that also helps address wave overtopping at the second Barrier.
"A range of local companies are involved in the marine energy sector. It is important that we make use of their experience."
(LM/CD)
