US tidal power company Verdant Power, Inc. has signed a memorandum of understanding (MOU) to develop projects with China’s state-owned renewable energy developer–the China Energy Conservation Environment Protection Group (CECEP).
The MOU is the first of its kind between China and the US involving marine and hydrokinetic power projects. It will provide a framework for the collaboration of siting and operating tidal and river power
systems.
CECEP is
responsible for the investment of RMB 23 billion yuan in national energy
conservation capital construction projects. It is the only
national-level state owned enterprise, specializes and focuses in energy
conservation and environmental protection in China.
US Department of Commerce Secretary Gary Locke, and US Ambassador to China Jon Huntsman, were on hand to witness the signing. The MOU marked a stop on Secretary Locke’s three-day clean energy trade mission in China last week. Secretary Locke traveled with several US businesses to focus on opportunities for renewable energy technology developers in China’s growing energy market.
The US contingency hopes the MOU establishes tidal and river power devices as a new stream of US exports to international markets, while spurring economic development and renewable energy jobs in the US.
The US Department of Energy estimates that the undeveloped hydropower potential of the US is more than 250,000 megawatts (MW). China’s Ministry of Water Resources and Electric Power estimates that the undeveloped hydropower potential of China is nearly double that of the US at more than 475,000 MW.
Verdant Power is currently developing sustainable tidal power projects in the US and Canada. In New York City’s East River, the Roosevelt Island Tidal Energy (RITE) Project will be the first grid-connected project that will provide New York City and the metropolitan area with up to 500 MW of electricity from a field of underwater turbines.
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