US developer of clean energy Ocean Thermal Energy Corp. is holding discussions with utilities in East Africa to potentially build ocean thermal power plants. The company would need to raise funds for the projects, but is currently studying an initial public offering to take place in two years.
The company’s chairman Jeremy Feakins said that building a plant would take 18 months to two years using technology from the oil and gas sector in order to combat risks from new, less-proven technology. The company is introducing its operations in areas where power is typically costlier to produce than in the US, helping to counter the current expense of its technology, he said.
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