Akuo Energy targets EIB boost for NEMO project
- Business & Finance
Akuo Energy, a French renewable energy company, has turned to the European Investment Bank (EIB) for funding support for the ocean thermal energy conversion (OTEC) project off Martinique known as NEMO.
Akuo Energy is seeking an undisclosed amount of financial backing from EIB for the implementation of a large-scale 16 MWe floating barge hosting an OTEC system, moored some 5 km off the west coast of Martinique.
EIB said the studies for the environmental impact assessment (EIA) for the project identified a number of impacts including proposals for mitigation, and the documentation has been filed to the competent authorities.
The results of a multi-annual research programme, ongoing since 2013 to improve general knowledge of these impacts, are expected to be revealed in 2016, according to EIB.
The NEMO project is being built by DCNS and Akuo Energy, and is expected to be operational in 2018.
Ocean Thermal Energy Conversion uses the difference of temperature that naturally exists in tropical waters between the surface water and deep water to create electricity.