Carnegie Wave Energy Limited, December 17, 2010
Carnegie Wave Energy Limited (ASX:CWE) and its Bermudian based partner Triton Renewable Energy Limited (‘Triton’) are pleased to announce receipt of approval for the deployment of a wave monitoring buoy off Bermuda.
The deployment of the wave buoy is a critical step in determining the site specific wave energy resource which in turn assists with project design. The buoy will be deployed in 25m of water on the eastern side of Bermuda for a minimum period of 12 months and is being managed locally by Triton Renewable Energy in partnership with the Bermudan Weather Service. The wave buoy was shipped today from Carnegie’s research facility in Fremantle, Western Australia. Carnegie’s Managing Director, Michael Ottaviano said, “We are pleased to have secured these approvals and see the collection of site specific wave data as an important step in the development of a commercial CETO™ project in Bermuda.”
Carnegie and Triton have previously signed a Memorandum of Understanding (‘MOU’) to develop a commercial CETO™ wave energy project. Project pre-feasibility and environmental studies have subsequently been completed. The project has also been selected by the Bermuda Electric Light Company Ltd (‘BELCO’) as a preferred renewable energy project in February 2009 following submission of a Statement of Intent for an initial 2MW demonstration project followed by expansion to the 20MW installation. BELCO is Bermuda’s sole supplier of electricity, operating a generating plant and transmission and distribution systems throughout the Island. The power tariff on Bermuda is in excess of US40c/kWh.