In this paper, the electrical generator of a rim-driven horizontal-axis current turbine is modeled in detail. Its main characteristics and performances are evaluated (efficiency, mass, cost, etc). This generator is of permanent magnet direct-driven synchronous type and is connected to a variable speed power electronics drive. It is then compared to a more traditional technology (a pod generator) in terms of mass and cost for a common set of specification. In addition, due to the specific geometry of the machine, the use of low-cost ferrite magnets is investigated in place of NdFeB magnets.