December 21 (Renewables Now) - Israeli renewable energy firm Yam Pro Energy and India’s Shapoorji Pallonji Group have plans to build together a 150-MW wave energy power plant in Ghana.
The parties have signed a memorandum of understanding (MoU) on the project, which is planned to be completed in the next three years, Yam Pro Energy said on Wednesday. The value of the investment is estimated at USD 180 million (EUR 151.5m). The will start with a phase I system ot 10 MW.
Under the plan, Yam Pro Energy and Shapoorji Pallonji will tie up with a local partner.
Indian industrial conglomerate Shapoorji Pallonji is one of the main shareholders of Tata Group. Its partner Yam Pro Energy, part of Israel's Shahar Energy, focuses on the construction of solar parks in Germany and Israel and also has a patented ocean wave energy technology. A demonstrational facility using its technology has been installed at Jaffa port, Israel.
(USD 1.0 = EUR 0.842)