OTE bets on Philippines’ OTEC potential
Ocean Thermal Energy Corporation (OTE) has unveiled plans to introduce ocean thermal energy conversion (OTEC) projects to the Philippines.
Namely, the US-based developer OTE said it already held several meetings in New York with Philippine business leaders and political advisors and with the US Department of State (US Commercial Service) regarding the development of OTEC projects in the Philippines.
OTE added the initiative is supported with two of its investors, without including any of the specifics.
OTEC is a form of clean technology that extracts energy from the temperature difference between warm surface ocean water and cold deep seawater, suitable for development in the equatorial waters, such as those around the Philippines.
OTE’s plans align with those of the Philippine government which intends to add at least 20GW of renewable energy capacity to the country by 2040, as announced in June 2017.
Furthermore, the country issued an executive order to reduce time and bureaucracy for permitting of renewable energy projects directing the relevant government agencies to act upon applications for permits involving energy projects of national significance within a 30-day period, according to OTE.
Should the agencies not respond within the 30-day timeframe, the application is automatically deemed as approved, OTE said citing the executive order.
To remind, OTE recently entered the public market and started trading under its new stock symbol CPWR.
Prior to that, the company received the approval for the construction of a 15MW OTEC power plant in the Virgin Islands of the United States in 2016.