Finavera Plans 20 MW Wave Energy Project in South Africa
The $40 million investment fulfills company’s promise made at the 2006 Clinton Global Initiative.
Finavera Renewables Inc. has completed the preliminary site evaluation and selection process for its 20-megawatt (MW) wave energy project in South Africa. The project is the result of a commitment made by Finavera Renewables at the 2006 Clinton Global Initiative (CGI).
“We are confident that this project will illustrate how the developing world can mitigate climate change, help alleviate energy poverty and make a commercial return on a significant renewable ocean energy resource.”
– Jason Bak, Finavera Renewables, CEO
The project, which has an estimated construction cost of $40 million, could generate more than 30 million kilowatt-hours of electricity per month.
“This Project represents our commitment to reduce energy poverty in South Africa and develop a clean source of renewable energy in the country,” said CEO Jason Bak in New York at the CGI mid-year meeting. “The site selection report confirms the strong wave resource off the coast of South Africa and identifies two areas for potential development.”
A preliminary report prepared by ZLH Consulting Engineers Ltd. identified priority sites for the wave energy project. Final site selection will be based on further analysis of the following criteria taken into account when assessing potential sites: wave resource potential, distance from potential customers, distance to appropriate ocean depth, proximity to transmission lines, visual impact, and proximity to shipping lanes.
“We are confident that this project will illustrate how the developing world can mitigate climate change, help alleviate energy poverty and make a commercial return on a significant renewable ocean energy resource,” Bak added.
The study also examined the political and economic climate as it relates to renewable energy. It notes the country’s power generation capacity has not kept abreast of demand and power shortages have occurred recurrently in the last three years. As a result, electricity prices are anticipated to grow at an estimated 5.1% per year, creating favorable market conditions for renewable energy.
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