The Ocean Thermal Energy Corporation has received a $50.000 grant, which will be used to conduct a feasibility study on the economic and technical aspects of running an OTEC plant on Guam. This grant has been given by the U.S. Department of Agriculture Rural Development and is in line with the Guam Bill 166, which states that each utility that sells electricity for consumption on Guam must increase its share of renewable energy of its sales, which has to be 25% in 2035.
About the grant, Guam Congresswoman Madeleine Bordallo had this to say:
“The Federal grant received today is a step toward promoting renewable energy on Guam. It is important that Guam continue to invest in sustainable energy technologies in our community. The feasibility study that is awarded in this grant will explore Ocean Thermal Energy Conversion (OTEC) as a renewable energy alternative for Guam. OTEC has great potential for our island and it is important that it is explored as an economic alternative to fossil fuels.”