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October 03, 2006
Wave Energy for South Africa
Finavera Renewables, a company developing wind and wave energy projects, has committed to build a 20 megawatt (MW) wave energy power plant off the coast of South Africa over the next five years. Finavera Renewables CEO Jason Bak made the commitment at the annual Clinton Global Initiative (CGI) conference last week in New York. Southern Africa suffers from intermittent power disruptions and a serious power crisis is expected to affect much of the region by 2007. Regional demand for electricity has already begun to outstrip supply and the disparity is expected to increase. Finavera Renewables, through its wave energy division (former AquaEnergy Group Ltd), plans to build a phased 20MW wave energy power plant in the Republic of South Africa for a total investment of more than US$40 million over five years. The project will save US$2 million per year in fuel and avoid approximately 20,000 tons of CO2 emissions. A material percentage of the return from the project will...Posted by dymaxion at October 3, 2006 11:18 PM