Ocean Renewable Power Company (ORPC) announced on April 24, 2012 that the Maine Public Utilities Commission (PUC) approved the primary contract terms of power purchase agreements (PPAs) for ORPC’s Maine Tidal Energy Project located in Washington County. The PUC’s order directs the three Maine investor-owned utilities, Bangor Hydro, CMP and Maine Public Service, to negotiate 20-year PPAs with ORPC for the project’s approximately 4-megawatt output based on the approved term sheet. ORPC expects to complete the PPAs in the next several weeks. These will be the first long-term PPAs for tidal energy in the United
States.

This historic PUC decision is vital to the commercialization of tidal energy in Maine, and underscores Maine’s industry leadership in the U.S and abroad. It also formally recognizes the substantial benefits of tidal energy. The PPAs will greatly enhance ORPC’s ability to attract the additional investment needed to complete the project’s build-out over the next four years. They also mean that the significant economic development benefits ORPC has already created in Washington County will expand dramatically going forward.

Click here to view the full press release from Ocean Renewable Power Company.