[Press Release] Global OTEC Signs Agreement towards PPA for OTEC in SIDS

On the sidelines of the 2022 UN Oceans Conference in Lisbon, Portugal, Global OTEC signed a Memorandum of Understanding towards developing a PPA for development and deployment of a 1.5MW floating OTEC platform offshore São Tomé between Global OTEC, SIDS DOCK, and Democratic Republic of São Tomé and Príncipe.

The side event initiated the launch of the Global Ocean Energy Alliance (GLOEA), a partnership between SIDS DOCK and other entities such as UNIDO towards establishment of the São Tomé OTEC Project by 2024.

Global OTEC reports that UNIDO will provide concessionary financing to undercut “the current levelised cost of electricity by a significant margin.”

Field studies regarding the location of an OTEC plant were conducted in April 2022.

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Global OTEC Barge Concept