The Ocean Renewable Power Company (ORPC) has received approval from Maine Public Utilities Commission (PUC) for the contract terms of long term power purchase agreements (PPAs) for its 4MW Maine Tidal Energy Project.
The 4MW Maine Tidal Energy Project located in the Cobscook Bay, Washington County once completed will provide sufficient energy to power 1,000 homes.
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Three Maine investor-owned utilities, Bangor Hydro, CMP and Maine Public Service will purchase the electricity generated from the tidal project under 20-year PPAs according to the approved term sheet.
The PPAs will increase ORPC’s chances to get additional investment for the completion of the project over the next four years.
ORPC president and CEO Chris Sauer said, "This means that ORPC will continue without pause towards our commercialization goals, and will further expand our creation of local jobs and economic benefits in the regional economy."
The company is expecting to complete the installation of the first grid-connected, commercial TidGen Power System and start delivering electricity by 1 October 2012 and install four more TidGen devices in the September 2013.
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By GlobalDataThe company is also planning to expand the tidal project into nearby Eastport- and Lubec-area tidal energy sites in Western Passage and Kendall Head, Maine.
US based Ocean Renewable Power Company focuses on tidal, river and deepwater ocean current power generation technology and projects.
