The plan follows a study conducted by Atlantis that concludes that 2GW of tidal energy can be harnessed in the Raz Blanchard, which is touted to be one of the best tidal energy resources in the world.

The study found that after the construction of the first 1GW, the site has potential for further capacity expansion for up to 2GW by 2027.

The overall project is expected to create up to 10,000 jobs, open up an export market worth an estimated €400m in turbine sales annually, and attract more than €3bn of CAPEX investment, the study reveals.

Atlantis said that its proposed tidal project would allow for a significant reduction in the levelized cost of energy (LCOE) for tidal energy compared to the cost of offshore wind farms currently under construction in France or in the UK, once the proposed 1GW project is fully commissioned.

The firm noted that studies have also been started to assess best site for tidal power in the French maritime waters ahead of commercial tenders.

Atlantis CEO Tim Cornelius said: “France is sitting on a low cost renewable energy gold mine at Raz Blanchard. Now that the tidal steam industry has been through the R&D phase and is now entering full scale commercialization, France should be at the forefront of exploiting this environmentally benign, predictable and inexhaustible source of renewable energy.

“Our proposal, if implemented, could quickly create a new industry in France attracting investment in local companies to establish a supply chain capable of delivering more than 1,000, 1.9MW tidal turbines along with their associated foundations and the onshore infrastructure.

“With the support of the French Government, we can provide energy security, job creation, economic stimulation for the Normandy and Brittany regions along with the opportunity to lead Europe in the field of marine energy generation.”

The Atlantis’ proposal involves development of advanced turbine assembly, testing and operations and maintenance facility in Normandy.