Eco Wave Power has entered an official concession agreement with APDL regarding the usage of an area suitable for the construction, operation, and maintenance of a wave energy power plant in Portugal.
The agreement will see APDL provide EWP with the concession for its breakwaters for a period of 25 to 30 years.
Eco Wave will be responsible for securing all the necessary licenses, constructing and commissioning the power plant, and selling the generated electricity.
The plan is to construct and commission the power plant in two stages. In the first stage, Eco Wave will build an up to 5 MW project, while the second stage will be the construction, operation, and maintenance of the remaining plant capacity (15 to 19 MW).
“When it comes to wave energy, the government of Portugal estimated that there is a potential to install 3-4GW of wave power capacity in Portugal alone. We are very excited about the collaboration with APDL and would like to thank them for being true wave energy pioneers.”Inna Braverman, CEO of Eco Wave.
Ocean renewable energies have the potential to supply 25% of Portugal’s annual power consumption. At the same time, the sector could generate €254 million in investment, €280 million in gross value added, €119 million in trade, and 1.500 new jobs, the strategy states.