May 5 (SeeNews) - Israeli firm WERPO (OTCMKTS:BBRD) said Tuesday it will install 500 MW of sea wave power capacity in Guinea-Bissau under an agreement with the Western African country’s government.
The project will be developed through a joint venture between the company and the government. WERPO, which stands for Wave Electricity Renewable Power Ocean, will hold a 30% partnership stake and will be entitled to 40% of the power generation profits for 25 years.
The actual planning and construction of the wave power plant is estimated to take three years. WERPO said the project cost would be about USD 325 million (EUR 293m). Guinea-Bissau will be paying USD 0.10 per kWh so the Israeli company expects annual revenues of USD 50 million from the contract.
“This project will help Guinea-Bissau become more independent with a stable power supply that can solve all the energy problems in the country,” WERPO said in a press release. It noted that renewable energy is part of the African country’s Poverty Reduction Strategy Paper (PRSP).
In February, WERPO announced another 500-MW wave power project in Ghana. It also has projects and plans for Kenya and Gambia, the Caribbean, China and other markets.
(USD 1 = EUR 0.902)