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South Africa: Finavera Renewables to Develop Wave Energy Project

Finavera Renewables Limited, a company that develops wind and wave energy projects, announced its commitment to build a 20 megawatt (MW) wave energy power plant off the coast of South Africa over the next five years, valued at US$40 million.
Finavera Renewables CEO Jason Bak made the commitment at the annual Clinton Global Initiative (CGI) conference this week in New York. Members of CGI are asked to make a commitment that will generate innovative solutions to limit some of the world's most pressing problems.

Bak said, "The CGI is a call to action resulting in the formulation of specific plans to address the world's foremost challenges. As a renewable energy developer, we have taken the initiative to effect change and move ourselves aggressively towards a sustainable ocean energy source."

"This type of project will help address the electricity needs of South Africa, parts of which are plagued by brownouts, and create a more sustainable energy model for developing countries," Bak added.

The project will generate more than 30 million kilowatt-hours of electricity per month, save US$2 million per year in fuel and avoid approximately 20,000 tons of CO2 emissions.

Southern Africa suffers from intermittent power disruptions and a serious power crisis is expected to affect much of the region by 2007. With South African energy demand projected to double over the next 10 years, the government has made a commitment to satisfy a portion of that demand with clean energy sources.

Finavera Renewables has 12 wind projects under development in British Columbia, Canada with potential capacity of over 1,500 MW on approximately 52,000 hectares of land. In addition, the company is developing a potential 180 MW of wind energy projects in Ireland.

The Clinton Global Initiative is a non-partisan catalyst for action, bringing together a community of global leaders including heads of state, non-profit organizations, and business leaders to implement innovative solutions to some of the world's most pressing challenges.

Additional information: Finavera website
News date: 26/09/2006

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