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Funding approved for India tidal energy first

Indian state plans to spend INR 250m to develop country's first tide energy project

The project will mark the start of tidal energy technology in India
The project will mark the start of tidal energy technology in India

India’s first tidal project looks set to get the green light after funding has been approved. The western Indian state of Gujarat plans to spend 250 million rupees (USD 4.8m) to help develop the nation’s first project to produce power from ocean tides, according to reports.

Bloomberg reports that Gujarat approved the funding along with an additional 100 million rupees for a pilot geothermal power project in its budget for the financial year that started April 1, D.J. Pandian, the state’s principal energy secretary.

“After we see how these pilot projects do, then we’ll take a look at developing a policy to attract more investment,” Pandian said in an interview in Gandhinagar, according to the report.
 
The state may work with the International Finance Corp, the World Bank’s private-sector financing arm, which is interested in supporting a tidal-energy project with a loan or equity investment, he said.

Atlantis Resources Corp., a tidal-turbine maker backed by Morgan Stanley (MS), is developing a marine energy project in the Gulf of Kutch with the Gujarat Power Corp with an initial capacity of 50 MW.