Guam - The Guam Power Authority signed a 25-year contract with Quantum Guam Power this morning, highlighting the first renewable energy contract with GPA intended to reduce Guam's dependence on imported oil for power generation.
Quantum Utility Generation's chief development officer Dirk Straussfeld said, "The signing ceremony is basically the point in time when this project turns from an idea into a reality. So today is the key day where every party starts making commitments."
The company is investing roughly $95 million. He adds at the moment, Guam is burning diesel fuel and other carbon-based fuels and with today's signing, the dependency on foreign oil and the other imports would go down by 5%. GPA meanwhile called it an important first step toward renewable energy on Guam.