Eco Wave Power Global, a producer of clean electricity from the ocean and sea waves, has signed an agreement with Port Adriano, Spain, for the potential construction of a wave energy power plant.
The agreement strengthens Eco Wave Power’s footprint in Europe.
Go deeper with GlobalData
As per the terms of the agreement, Port Adriano will allocate a suitable location to Eco Wave Power for two decades, while Eco Wave Power will secure all the licenses besides being responsible for constructing, and commissioning the up to 2MW power plant/s.
Eco Wave Power will also sell the electricity from the power plant in line with an approved production quota, to be determined for the location.
Port Adriano has informed about the project to Ports de les Illes Balears, which is the entity responsible for the executive functions of the ports managed by the autonomous community.
See Also:
The port will undertake all the legal procedures required for the installation of the wave energy power plant, which is the first application of this technology in the country.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe power plant is expected to be constructed and commissioned in two stages:
The first stage involves the construction of a plant of up to 1MW.
The second stage features construction, operation, and maintenance of 1MW capacity of the plant.
Port Adriano will secure the right of first refusal to invest partially or completely in both stages of the project, while Eco Wave Power will have the right to bring together the two stages of the project and execute the whole 2MW from the commencement.
Eco Wave Power founder and CEO Inna Braverman said: “When it comes to renewable energy, Spain foresees a sizeable buildout of new renewables capacity to reach 74% of electricity generation by 2030. Spain also has 8,000 km of coastline.
“The combination of Spain’s ambitious renewable energy goals, along with its significant coastline, makes it an optimal market for Eco Wave Power. We are very excited about the collaboration with Port Adriano and would like to thank them for being true wave energy pioneers.”
OCIBAR CEO Antonio Zaforteza said: “We believe that Eco Wave Power is a perfect fit to the innovation and sustainability vision of Port Adriano, creating a new way of generating renewable energy, that will help our port and our country to meet its ambitious goals to address the climate crisis. We are looking forward to welcoming this innovative project.”
—————————————————————————————————————–
As per the agreement terms, Port Adriano will allocate a suitable location to Eco Wave Power for two decades. Credit: Eco Wave Power/ Port Adriano via Cision.
