Global OTEC Resources Opens Applications for Energy Purchase
- Business & Finance
Global OTEC Resources has announced that islands in the Maldives can apply to be off-takers of its first OTEC demonstration barge which is set for launch next year.
Applications are now open until January 31, 2020, to buy energy produced by an England-based clean energy systems developer.
Ocean thermal energy conversion (OTEC) is an application of solar energy in which the heat that the ocean captures from the sun’s rays is used. It is a technology for converting some of the energy that the tropical oceans absorb from the sun, first into electricity and then into fuels.
Global OTEC Resources are offering energy rates comparable with existing diesel infrastructure and potential off-takers will be required to submit a bid for the kWh unit cost they are prepared to pay.
The demonstration barge will house a 150 KW OTEC plant that will generate 1,185 Mwh annually.
According to the company, this scaled-down system could provide local islands, such as Fenfushi, with 100 per cent of its yearly electricity demand. For island resorts, it would provide between 20 per cent to 50 per cent of average energy requirements.