In this paper, a novel direct drive, bilateral planar switched reluctance generator (BPSRG) is developed for 2-D wave energy conversion with a mixed type of flux circulation. The proposed BPSRG has longitudinal flux type of the magnetic circuit on one direction and transverse flux-type magnetic circulation for the other perpendicular direction. The characteristics of the magnetic flux and static inductance are calculated for the BPSRG based on the 3-D finite-element method, in order to ensure negligible coupling effect between any phases. Theoretical model of the BPSRG is derived, and parameters that impact the open-loop operation performance of the power generation are analyzed, optimized, and supported by experimental results.