CNMI OCEAN THERMAL PROJECT BACK ON TRACK

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SAIPAN, CNMI (Marianas Variety, April 29) - Sea Solar Power
International has reconsidered its earlier decision to suspend indefinitely a
plan to build a $50 million ocean thermal energy conversion facility in the CNMI.

In a letter to Gov. Juan N. Babauta, Sea Solar President Robert
J. Nicholson III, said the project will be "a most successful and rewarding
project for all."

The Maryland-based company said it is willing to work with the
CNMI’s "responsible government."

Under the memorandum of understanding Sea Solar signed with the
governor, the company will also set up a $20 million-$30 million resource park.

"I will do everything possible to coordinate with you and
other CNMI officials," Nicholson said. "This will allow your islands
to benefit from Sea Solar Power’s advanced OTEC technology and take advantage
of the no-risk funding program which we had originally proposed to you," he
added.

Nicholson earlier said he was suspending the project, citing an
"unfortunate incident" he had with Sen. Ramon S. Guerrero, American
Reform-Saipan, during their meeting in Washington, D.C.

Babauta said he called Nicholson to request a reconsideration.

"I talked to him by phone and asked him to reconsider. The
project is now back on track and he wants to come out here and pursue it,"
the governor said.

"Thank you for calling me the other day in an effort to get
the...project back on course," Nicholson said in his letter to Babauta.
"I agree with all the items that you outlined in order for my company to
believe that we can work with a responsible government in the
commonwealth," Nicholson said.

"I am now trying to re-arrange my schedule so that I can
plan a productive visit with you as soon as possible. I look forward to working
closely with your administration and making this project most successful and
rewarding for all," he added.

The OTEC plant to be built in the CNMI will produce
approximately 10 megawatts of net electrical power and 3 million gallons per day
of bulk fresh water.

April 29, 2003

Marianas Variety: www.mvariety.com 

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