In October 2013, the Department of Energy awarded Ocean Service Contracts (OSC) to H&WB for three concession areas in San Bernardino Strait between the Bicol Peninsula and Samar Island, for the purpose of exploring and developing the Philippines’ vast ocean energy resource, deploying Tidal In-Stream Energy Conversion (TISEC) technology. The concession areas are between Matnog, Sorsogon, and Capul and San Antonio, in Northern Samar.
H&WB Asia Pacific (Pte Ltd) Corporation and Sabella SAS created a special purpose company for the development of the Ocean Power Project, via amendment of the existing Articles of Incorporation of H&WB Corporation into the San Bernardino Ocean Power Corporation (SBOPC), as approved by Securities and Exchange Commission on 19 May 2017. Going forward, project activities related to the Ocean Power Project will be borne by SBOPC.
SBOPC’s primary purpose is to develop, finance, construct, own, operate, and maintain projects involving plants and facilities that process, transform, convert, produce, and generate energy from ocean energy resources, and for the carrying on of all business incident thereto; to sell, lease, trade or exchange, or in any other lawful manner, the disposition of the whole or any part of such plants, systems, and facilities, or of any interest therein; to acquire by purchase or exchange, or in any other lawful manner, properties and interests such as although not limited to right, license, privilege, intellectual property, grant, concession, contract, title, or interest therein, water and flowage rights, reservoirs, dams, marshes, ocean, tidal, underwater, and marine resources, and all necessary and convenient lands, buildings, easements, structures, platforms, pipes, machineries, poles, wires, and other devises; and to do all other acts and things necessary or proper to be done in connection therewith; and for the carrying on of all activities incident thereto and to do all other acts and things necessary or proper to be done in connection therewith.