The marine energy developer is seeking to borrow from a financial institution that’s part of Exim’s network, ORPC president Ferland said. — Bloomberg
SANTIAGO: Ocean Renewable Power Co (ORPC) is in talks to raise funds through the US Export-Import (Exim) Bank as it looks to provide power to remote communities in Latin America that currently depend on fossil fuels.
The Portland-based marine energy developer is seeking to borrow from a financial institution that’s part of Exim’s network, ORPC president John Ferland said in an interview.
He, however, did not name the lender or disclose the amount.
Discussions are also underway with existing and prospective investors, he said.
Ferland spoke from Chile, where his company is preparing to install its first device in the Patagonian town of Chile Chico.
Ocean Renewable is also in advanced talks for installations in the Torres del Paine National Park and has begun to discuss a project in the Timaukel area of Tierra del Fuego.
Argentina, Brazil and Colombia are among other Latin American countries to express interest, he said.
The company said it harnesses energy from free-flowing rivers and tidal currents, offering remote communities access to a steady, low-impact source to replace dirtier and pricier diesel-fired power.
It began operating in Alaska and Canada, tapping into an estimated US$15bil market for remote community energy in North America.
Latin America has similar potential, Ferland said.
“That’s why we have made it among our priorities to try to enter the market down here,” he said.
“We’re targeting these high electricity-cost areas. We can push diesel out of the marketplace.” — Bloomberg
