Eco Wave Power sets up Portuguese unit to launch 20-MW wave energy project

Israeli wave energy developer Eco Wave Power Ltd said it has set up a subsidiary in Portugal to get a planned 20-MW wave energy project of the ground.

The Porto-based unit, EW Portugal - Wave Energy Solutions Unipessoal Lda, will now initiate official licensing procedures for the project as part of a newly signed concession agreement with port authority APDL SA.

Eco Wave Power was supported by law firm PLMJ, which handled the unit’s establishment and will also take care of the licensing process for the project.

“The European wave energy market is expected to reach a rapid growth and Portugal is taking a leadership role in this development. With Portugal’s forward-thinking policies, we see tremendous potential to develop wave energy projects in the country and are very pleased to become part of Portugal’s renewable energy community,” said Eco Wave Power founder and CEO Inna Braverman.

In November 2017, the Portuguese government approved the Industrial Strategy for Ocean Renewable Energies (EI-ERO), with the goal of creating a competitive and innovative industrial export cluster for ocean-based renewables.

Portugal estimates that it has potential to install some 3 GW to 4 GW of wave power capacity, according to the Tel Aviv-based developer.

Choose your newsletter by Renewables Now. Join for free!