NASSAU, Bahamas, Thursday September 22, 2011 – Bahamas Electricity Corporation (BEC) today signed into effect a Memorandum of Understanding (MoU) with Ocean Thermal Energy Corporation (OTEC) to develop two ocean thermal energy conversion plants in The Bahamas.
The Bahamian plants will be the world’s first ocean thermal energy conversion facilities to utilize ocean water for clean energy, fresh drinking water and sustainable food production in a commercial capacity.
The two plants will be entirely built and operated by the Pennsylvania-based clean energy company, requiring the BEC to purchase the energy from OTEC for its national grid. BEC officials noted that the deal would assist in their move to integrate renewable energy systems in businesses and homes that reduce The Bahamas’ use and dependency on fossil fuel.
“This is a historical time for BEC and residents of The Bahamas. We are looking forward to working with OTE Corp. to bring this technology and energy independence to our communities,” stated Kevin Basden, General Manager at BEC.
Established as a Government-owned public corporation in 1956, BEC operates electric generation, transmission and distribution systems across The Bahamas, serving 85% of all electricity customers in the archipelago.
OTEC said the agreement signalled the start of its globalization of its competitively priced renewable energy resource, ocean thermal energy conversion.
The US company said its core mission was to bring ocean thermal energy to the nearly 100 tropical regions around the world where land-based commercial conversion plants are now an economically viable solution.
They added that with this signed MoU, they would now immediately move forward with BEC to complete the design process which is expected to culminate with the company building, owning and operating the world’s first two commercially viable OTEC plants that produce fossil-fuel free electricity, potable water and sustainable food production in the form of aquaculture, mariculture and chilled soil agriculture.
“OTEC is a market-driven clean technology energy solution that will have a positive impact for millions of people in the years to come,” said Jeremy P. Feakins, Chairman of the Board and Chief Executive Officer at OTE Corporation. “While these first two OTEC plants are an important step in the right direction, in the near future we look forward to building additional OTEC plants with even higher capacity offering clean power generation, potable water production and sustainable food production.”