April 24, 2012 Maine Public Utilities Commission Approves Long-Term Contract Terms for ORPC’s Maine Tidal Energy Project
Portland, ME, April 24, 2012 – Ocean Renewable Power Company (ORPC) announced today that the Maine Public Utilities Commission (PUC) has 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.