Ocean Thermal Energy Corporation (OTE) has completed the first draft of the master plan for the EcoVillage in the Virgin Islands that will be powered by ocean thermal energy conversion (OTEC) system.
The US-based developer OTE said it identified the specific plots of land for the site that will house OTEC EcoVillage – said to be the first development in the world offering a net-zero carbon footprint.
The OTEC EcoVillage project consists, in part, of an OTEC plant which will provide all power and water to about 400 residences, a hotel, and shopping center, as well as models of sustainable agriculture, food production, and other economic developments, according to OTE.
OTEC is a form of renewable electricity generation, particularly suitable for equatorial waters, which uses the difference in temperature that naturally exists in tropical waters between the warmer surface water and cooler deep water to create electricity.
This will be OTE’s pilot project, launched to prove the viability of OTEC technology to provide affordable renewable energy for entire communities, the developer noted.
The company also believes this $700 million project could be highly profitable and generate significant value for its shareholders.
Jeremy Feakins , Chairman of the Board and Chief Executive Officer of OTE, said: “It is our belief that, in today’s world, it is not only our civil obligation, but also an exceptional, economically high-value opportunity to provide support for communities across the globe that are heavily dependent on the production of affordable clean energy and water for sustainable living. We do this by developing, constructing, and maintaining technology that eliminates the dependency on expensive fossil-fuel based energy production.
“With the world’s leading scientists pushing forward efforts to become less dependent on expensive, fossil-fuel generated energy and embracing new technologies, such as OTEC, we believe that our company is well positioned to successfully compete in a global market, which is expected to generate rapid growth.”
OTE develops plants and projects for deep-water hydrothermal clean-energy systems which include producing fossil-fuel free electricity through OTEC and environmentally friendly Seawater Air Conditioning (SWAC).