REN signs today first wave energy concession - report

(ADPnews) - Oct 20, 2010 - Portuguese electricity grid operator REN (ELI:RENE) is planned to sign today the contract for the first wave energy concession in the country.

The contract will clear the installation of 150 MW capacity along the coast of Peniche in the coming years, business daily Jornal de Negocios wrote in its Wednesday edition.

REN will present the first three projects to be developped in the area. The interested companies to develop the construction works are Portuguese diversified holding group Martifer (ELI:MAR), Irish Wavebob and Australian Oceanlinx.

The wave power activities in Portugal are seen to attract investments of EUR 500 million (USD 688.6m), according to government projections.

(EUR 1.0 = USD 1.377)

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