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Morgan Stanley Backed Atlantis Targets India China for Tidal Power Plants

Bloomberg has a report on the ambitions of one time Australian tidal power company Atlantis - Morgan Stanley-Backed Atlantis Targets India, China for Tidal Power Plants.

Atlantis Resources Corp., an ocean- current turbine maker backed by Morgan Stanley, plans to expand in China, India and South Korea after winning a bid in the U.K. to build the world’s largest tidal-power project.

Atlantis Resources may start building a 50 megawatt tidal farm by 2012 in Gujarat, a western Indian state, and conduct commercial-scale trials in South Korea, Timothy Cornelius, the chief executive officer, said an interview today.

“China’s the next big market for tidal energy,” Cornelius, 34, said in Singapore at the Clean Energy conference. “It has the most natural tidal resources in the world and can be home to more than 1,000 megawatts of tidal energy.”

Global production of electricity harnessing the ocean waves may climb ten-fold to as much as 300 megawatts in the next couple of years, said Cornelius, a former submersible engineer who splits his time between Singapore and London. The potential to produce marine power economically is about 24,000 megawatts, he said. It costs 2.5 million pounds ($4.01 million) per megawatt for a minimum 200 megawatt-tidal project, he said.