May 14 (Renewables Now) - Swedish wave energy company Seabased AB will be building two 20-MW wave power plants in the Caribbean under a newly-signed purchase deal with Bermuda General Agency Ltd (BGA).
Seabased said today it will design, manufacture, install and maintain two 20-MW wave parks, with a pilot facility of 5 MW planned for the Bahamas.
According to Wendall Brown, CEO and chairman of BGA, many Caribbean islands are competing to be among the first to have such power plants. Feasibility studies will start on several islands this summer, while the 5-MW Phase One project is expected to be completed by the fall of 2019, Seabased said.
The Swedish company is currently developing a 100-MW wave energy project in Ghana and also has deals for schemes in the Canary Islands and Sri Lanka. It plans an initial public offering (IPO) later this year and is currently raising funds through a crowdfunding campaign that ends on May 19.