Business
Bahamas Electricity signs deal with US thermal company
The Bahamas is reaping the benefits of a push by one US-based clean energy company to prove that the ocean can meet all of a country’s utility needs.
The Bahamas Electricity Corporation (BEC) has signed a memorandum of understanding (MoU) with Ocean Thermal Energy Corporation (OTEC) – a renewable company, to develop two ocean thermal energy conversion plants and produce ocean powered for the public.
The Bahamian plants will be the world’s first ocean thermal energy conversion facilities to utilize ocean water for clean energy, fresh drinking water and sustainable food production in a commercial capacity.
The two plants will be entirely built and operated by the Pennsylvania-based clean energy company, requiring the BEC to purchase the energy from OTEC for its national grid.
Unlike wind and solar energy, ocean thermal energy can be produced 24-hours a day, seven days a week, and does not require any fossil fuels to function.
The Bahamas is uniquely situated to exploit ocean thermal energy – the fact that several islands being closely located near the tongue of the ocean and having access to rather cold water, but also warm water, is what will make this work well for the Bahamas.