3Degrees Takes Delivery of Nations First Tidal Power RECs

3Degrees Takes Delivery of Nations First Tidal Power RECs

3Degrees, one of the nation’s leading providers of renewable energy and carbon offsets, announced today that it has taken delivery of the first-ever Renewable Energy Certificates (RECs) from the nation’s first grid-tied tidal power facility.

The RECs were generated by Ocean Renewable Power Company’s (ORPC) Maine Tidal Energy Project and represent the first power from any ocean energy project to be delivered to the public grid anywhere in the United States. 3Degrees is the sole purchaser of the facility’s RECs.

“3Degrees is honored to be part of this new, innovative green power technology,” said Dan Kalafatas, CEO of 3Degrees. “Supporting this project captures the best of the voluntary renewable energy market—helping commercialize new technologies—and helps us in our mission to accelerate the world’s transition to a low-carbon renewable energy economy.”

The Maine Tidal Energy Project is located adjacent to the Bay of Fundy on the Northeastern end of the Gulf of Maine near Canada. The Bay of Fundy is known for having the largest tidal range in the world, where 100 billion tons of water flow in and out of the Bay each day with tidal ranges of up to 50 feet. The project leverages these tidal changes and ORPC’s TidGenTM Power System to deliver electricity to the Bangor Hydro Electric Company power grid. Over the next several years, ORPC will increase the project’s capacity to up to 5 megawatts, providing enough electricity to power approximately 2,000 homes.

3Degrees will market the RECs to residents and businesses in Maine and Connecticut through the voluntary utility green power programs it operates in conjunction with the Maine Public Utilities Commission (Maine Green Power) and the Connecticut Clean Energy Options program (Northeast Clean Power).

“A project such as this sets a new standard for the tidal energy industry,” said Chris Sauer, President & CEO of ORPC. “Not just the fact that this is the first commercial, grid-connected ocean energy project in the United States, but it’s an example of how development can benefit coastal communities too.” The project has injected $21 million into the local economy and supported more than 100 jobs in 13 Maine counties during planning and construction.

3Degrees worked with ORPC over 6 months to commercialize the project’s RECs. “Partnering with 3Degrees enabled us to efficiently execute our first multi-year REC sale at premium prices,” said Chris Sauer. “3Degrees worked closely with our team to educate us on market dynamics and the ins and outs of contracting and certification for this first-ever grid-tied tidal power facility.”

Press Release, May 16, 2013; Image: ORPC