Gujarat approved budget of Rs. 35 Crs for tidal and geothermal projects…

Power India found that, the state of Gujarat is planning to spend around Rs 250 Mio to develop India’s first tidal power project.

 

Tidal Power Project produces power from ocean tides.

 

It has been learnt that, Gujarat has approved the funding along with an additional Rs. 100 Mio for a pilot geothermal power project in the budget for the current financial year.

According to 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”

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 megawatts.

 

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