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UPDATE - WERPO needs USD 11m for wave project in Sri Lanka

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

August 27 (SeeNews) - Israeli sea wave power developer WERPO and its partner will need to invest some USD 11 million (EUR 9.7m) to realise a 10-MW project in Sri Lanka, an official told SeeNews Renewables on Thursday.

The sum will cover the construction of both the power plant and an equipment factory, the company representative said.

Yesterday, WERPO’s parent company Blackbird International Corp (OTCMKTS:BBRD) announced that it has signed an agreement with Sri Lankan firm Help Mankind to jointly build an equipment production facility and the first of a series of sea wave power plants in the island country. WERPO will hold a 51% stake in the new joint venture and will be in charge of construction, while its partner will hold the rest and will be responsible for securing the needed funding.

The entire project should be finalised in 36 months, according to the official.

Previously, the company said that the initial 10-MW facility could be followed by 10 more. WERPO has agreed to sell the electricity generated at its plants to Sri Lanka’s Ceylon Electricity Board (CEB) at a price of USD 0.10 per kWh.

(USD 1.0 = EUR 0.886)

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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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