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Total cost of Bombora's wave farm estimated at USD 135m

Wave. Author: Barbara Walsh. License: Creative Commons. Attribution 2.0 Generic

December 14 (SeeNews) - Bombora Wave Power Pty Ltd, the Aussie developer of a 60-MW wave farm in Portugal, would need to invest about AUD 180 million (USD 135m/EUR 127m) to build the particular plant, shows a recently-completed feasibility study.

The Australian company plans to construct the so-called mWave plant at a site near Peniche using 40 Bombora membrane style wave energy convertors, which rest on the sea floor, similar to a fully submerged reef. As ocean waves pass over the convertors, their membranes deflect pumping air through a turbine to generate electricity.

Bombora said on Monday that an independent review of its AUD-420,000 wave farm feasibility study has now been completed and it confirms findings that the potential cost of electricity for the mWave farm is below Ocean Energy Europe’s wave energy cost projections. More specifically, the study concludes that the levelised cost of energy (LCOE) for the first such wave farm is in the range of EUR 0.17 (USD 0.18) to EUR 0.33 per kWh. For comparison, Ocean Energy Europe estimates the cost of wave farms at the equivalent installed capacity at between EUR 0.31 and EUR 0.58/kWh.

The estimated capital cost of the planned first mWave farm of AUD 3 million per MW includes electrical cabling and substation costs, Bombora mentioned.

“The independent review of the study confirms the technical and commercial potential of our mWave technology. It clearly indicates that an mWave wave farm can be competitive with other commercially successful renewables, such as offshore wind,” said Sam Leighton, Bombora’s CEO.

A few days earlier, Bombora said it has seen strong interest in its technology from the European marine energy industry. The company will now pay more attention to advancing its commercial relationships in Europe, it noted.

(AUD 1.0 = USD 0.750/EUR 0.705)

(EUR 1.0 = USD 1.063)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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