We commit to build a wave energy power plant in the Republic of South Africa totaling over 20 megawatts with an investment of over Million. The project will generate over 30 million kilowatt-hours of electricity per month, save million per year in fuel and avoid approximately 20,000 tons of CO2 emissions. Profits from the project will be used to alleviate energy poverty through the provision of power subsidies to community service centers and investment in rural electrification. The wave energy power plant will provide economic benefits to the community through the creation of an accessible decentralized renewable energy source along with local jobs.
Yr1: Oct 06 - Sept 07: Initiate site selection and environmental data collection.
Yr2: Oct 07- Sept 08: Initiate environmental permitting for the 20 megawatt wave energy plant.
Yr3: Oct 08 - Sept 09: Install the first phase of the AquaBuOY wave energy converters to generate 2 megawatts of electricity.
Yr4: Oct 09 - Sept 10: Expand plant installation to reach generation of 10 megawatts.
Yr5: Oct 10 - Sept 11: Complete plant installation to reach generation of 20 megawatts.
Energy and poverty are linked. In sub-Saharan Africa over 500 million people are without access to electricity. Four out of five people lacking access to electricity live in rural areas. This commitment will help bring decentralised renewable energy options to the vast majority living off grid in Southern Africa.
Southern Africa suffers from intermittent power disruptions and a serious power crisis is expected to affect much of the region by 2007, if investments in new energy projects are not made. Regional demand for electricity already has begun to outstrip supply and the problem is only expected to grow. With South African energy demand projected to double over the next 10 years, the government has made a commitment to satisfy that demand with clean energy sources. As a result, the Republic of South Africa has excellent opportunities for wave energy development and investment.
Finavera Renewables, a Toronto Venture Exchange listed company (FVR:TSX-V), is dedicated to the development of renewable energy resources and technologies. Finavera Renewables' objective is to become a major renewable and green energy producer by developing and operating its assets in the wind and wave energy sectors. In addition, Finavera Renewables is positioning itself to become a developer and supplier of renewable energy innovation through the acquisition of interests in key proprietary technologies.
Oct 30, 2006:
Commencement of site surveys and initial feasibility studies.
We are finalizing the engagement of our engineers and naval architects, ZLH Consulting Engineers of Hout Bay, SA who will manage this project and will be the site office. We are very interested in meeting further CGI members who may be interested in becoming involved in this project.