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WERPO gets approval for 10-MW wave project in Sri Lanka

The wave energy device. Source: WERPO. License: All Rights Reserved.

July 14 (SeeNews) - Israeli firm WERPO has obtained clearance from Sri Lanka’s Ceylon Electricity Board (CEB) for a 10-MW sea wave power plant, its parent company Blackbird International Corp (OTCMKTS:BBRD) announced on Tuesday.

Upon completion of the initial 10-MW facility, WERPO may proceed with the construction of 10 other plants, its parent noted. The firm will sell the generated electricity to CEB at a price of USD 0.10 (EUR 0.09) per kWh. “[...] at this rate the company would recover its investment within 4 years,” said Shmuel Ovadia, director at WERPO and inventor of its wave power technology.

The company added it has set up a local subsidiary in Sri Lanka following the project approval.

CEB is the largest supplier of electricity in Sri Lanka.

(USD 1.0 = EUR 0.907)

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