Atlantis Resources has received approval for a 50MW tidal power project in the Gulf of Kutch in Gujarat, India, from the state ministry.
Atlantis will partner with Gujarat Power on the project, which is likely to begin this year.
Gujarat Power chairman and managing director D J Pandian said the project will deliver important economic and environmental benefits for the region.
Under the terms of the MoU, a total of 250MW of future tidal power development has been agreed to.
For the project, the firm completed an economic and technical study of prime sites in the Gulf of Kutch identified with a potential for 300MW of economically extractable tidal power resource.
Atlantis will also conduct investigations into the ability to combine the offshore wind resource in the Gulf, with the proven tidal current resource to assess the feasibility of a mega marine power project.