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Finavera Renewables CEO Provides Update on South African Wave Energy Project for the Clinton Global Initiative Mid-Year Meeting
Finavera Renewables CEO Provides Update on South African Wave Energy Project for the Clinton Global Initiative Mid-Year Meeting.
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, CANADA, April 19 /CNW/ - Finavera Renewables Inc. (TSX-V:FVR)\n(the 'Company') is pleased to announce it has completed the preliminary site\nevaluation and selection process for its 20 megawatt (MW) wave energy project\nin South Africa (the "Project"). A preliminary report prepared by ZLH\nConsulting Engineers Ltd. has identified priority sites for the wave energy\nproject. The Project is the result of a commitment made by Finavera Renewables\nat the 2006 Clinton Global Initiative ('CGI') and has an estimated\nconstruction cost of US$40 million.\n\n\nIn New York for today's CGI mid-year meeting, CEO Jason Bak said, "This\nProject represents our commitment to reduce energy poverty in South Africa and\ndevelop a clean source of renewable energy in the country. The site selection\nreport confirms the strong wave resource off the coast of South Africa and\nidentifies two areas for potential development. Further work needs to be\ncarried out before a final site selection is made, but we are well on our way\nto making this project a reality."\n\n\nBak continued, "This Project reflects our firm commitment to reducing\nglobal climate change and our response to the Clinton Global Initiative's call\nfor immediate action on the world's most pressing challenges. We are confident\nthat this Project will illustrate how the developing world can mitigate\nclimate change, help alleviate energy poverty and make a commercial return on\na significant renewable ocean energy resource."\n\n\nPreliminary Site Evaluation and Selection Study\n\n\nThe study undertaken by the Company identified priority sites for\ndevelopment. Several factors were taken into account when assessing potential\nsites. Those factors included: wave resource potential, distance from\npotential customers, distance to appropriate ocean depth, proximity to\ntransmission lines, visual impact, and proximity to shipping lanes. The final\nsite selection will be based on further analysis of the above criteria. The\nstudy also examined the political and economic climate as it relates to\nrenewable energy. It notes the country's power generation capacity has not\nkept abreast of demand and power shortages have occurred recurrently in the\nlast three years. As a result, electricity prices are anticipated to grow at\nan estimated 5.1% per yea...