Narendra Modi, chief minister of Gujarat, has also agreed a total of 250MW of future tidal power development. Construction of the plant may begin later this year.
Atlantis recently conducted an economic and technical study of prime sites in the Gulf of Kutch where up to 300 MW of economically extractable tidal power resource was discovered.
The new plant will require hundreds of millions of dollars of investment in tidal turbines, associated power export infrastructure and the development of a local supply chain and will lead to the creation of hundreds of jobs in the region.
Once the project completes FEED (Front End Engineering Design) and reaches financial close, equity investment partners will be sought alongside existing shareholders. The project will receive feed-in tariffs from the state (in line with Gujarat’s tariffs for solar projects).
There will also be investigations into the possiblity of combining offshore wind resources in the Gulf of Kutch with the proven tidal current resource to assess the feasibility of a mega marine power project.
Tim Cornelius, CEO of Atlantis, says: “This is not only exciting for Gujarat and India – this is a land mark project for Asia. Chief minister Modi has once again demonstrated his commitment to using clean, renewable sources of energy generation as a source of economic stimulus and job creation. We are honoured and excited to be partnering with GPCL on such an important and historic project.”
Atlantis Resources Corporation is an international developer of tidal current turbines with offices in United Kingdom, Singapore and Australia. Atlantis is an ‘end to end’ marine power project Company offering the tidal turbine technologies and resource assessment services to utilities and power companies worldwide.