SDE Energy agrees to JV for 50-MW sea wave project in Ecuador

Oct 16, 2012 - Israeli wave energy firm SDE Energy Ltd today said it had formed a joint venture with Green Energy International Inc to develop a 50-MW sea wave power plant along Ecuador's coast.

The two partners will set up a joint-venture company, SDE Ecuador, which could also develop smaller sea wave projects around the Galapagos Islands. The facilities will be designed and built by SDE Energy and will be owned and operated by SDE Ecuador. US-based investment bank Reliance Partners LLC is securing the financing needed for the plants, SDE Energy said.

The energy generated will be sold under Ecuador's feed-in-tariff (FiT) scheme that was introduced in April last year. The South American country's government has proposed to fund 60% of the costs of building sea wave power plants, according to the statement. SDE Ecuador will be paid a fixed price for the energy produced by local energy authority Consejo Nacional de Electricidad for 15 years.

SDE Energy unveiled plans to deploy its sea wave energy technology in Ecuador in June this year.

Green Energy International is renewable energy project developer based in Las Vegas that focuses on solar installations.

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