Eco Wave Power gets EU funding for wave energy power plant in Gibraltar
Ongoing construction in Gibraltar, 2015
Picture by PRNewsFoto/Eco Wave Power, All rights reserved.
Israeli firm Eco Wave Power (EWP) today said it has obtained a European Union (EU) co-funded grant to build a 5MW wave energy power plant in Gibraltar.
The funding was received under the 2014-2020 European Regional Development Fund Operational Programme in support of renewable energy.
According to the power purchase agreement between EWP, Gibelec and the Ministry for the Environment, Energy and Climate Change in Gibraltar, the Israeli company will build the power station in two phases.
During the first phase, Eco Wave Power will implement a 100kW power station on the Ammunition Jetty, and in the second phase the power plant will be expanded to a size of 5MW, providing up to 15% of Gibraltar's electricity needs. This percentage will enable Gibraltar to meet its renewable energy commitments to the EU by 2020, Eco Wave Power said in a statement.