Baha Mar Resort Signs Energy Services Agreement with OTE Corporation

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December 19, 2011

We are pleased to announce that today we signed an Energy Services Agreement (ESA) with the Baha Mar resort, Nassau, Bahamas (

This major contract for Ocean Thermal Energy Corporation (OTE) represents approximately twelve months of discussions with Baha Mar:

  • We are building the world’s first largest seawater district cooling (SDC) system supplying chilled water for air-conditioning needs
  • Chilled water will be supplied by OTE for Baha Mar’s needs and will save up to 90% of energy costs without the use of harmful polluting refrigerants
  • OTE will build, own and operate the 12,000 ton system with an expected commercial operation date of December 2013
  • Over the 30 year life of the contract, we estimate the system will reduce Baha Mar’s energy consumption by ~58,000 bbl oil (equivalent to ~ 26,000 ton CO2) per year
  • DCO Energy ( to be our lead Engineer, Procurement Contractor (EPC)
  • Raymond James Financial to be our lead debt placement agent and book-runner
  • Total project costs are approximately $100 million
  • Revenue accruing pursuant to the off-take of the chilled water by Baha Mar is anticipated to be approximately $500,000,000

We would like to thank our investors, shareholders and advisors for their support and enthusiasm for our company and its mission.