Swedish developer Eco Wave Power Global has signed an agreement with Port Adriano in Spain for the potential construction of a 2MW wave energy power plant.
The agreement expands Eco Wave Power’s presence in Europe and will help Spain achieve its aggressive goals for renewable power, leveraging its significant coastline capacity, the company said.
According to the terms of the agreement, Port Adriano will assign a potentially suitable location to Eco Wave Power for a period of 20 years.
Eco Wave Power will be responsible for securing all the licenses, constructing, and commissioning the power plant or plants and selling the electricity to be generated in accordance with an approved production quota, to be determined for the site.
Port Adriano has been in contact with Ports de les Illes Balears, the public entity responsible for the powers and executive functions of the ports managed by the autonomous community, to inform it about the project.
The port will proceed to carry out all the legal procedures necessary for the installation of the wave energy power plant, the first application of this technology in Spain.
Eco Wave Power said the project is planned to be constructed and commissioned in two stages.
The first stage is the construction of a plant of up to 1MW.
The second stage involves the construction, operation and maintenance of the remaining capacity of the plant to 2MW.
Port Adriano will have a right of first refusal to invest partially or fully in both stages of the project, and Eco Wave Power will have the right to combine the two stages of the project and execute the whole 2MW from the start.
Eco Wave Power founder and chief executive 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 8000km 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.”
Chief executive of OCIBAR, the company that owns the Port of Adriano, 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.”