Eco Wave Power plans to install up to 2 MW of wave energy arrays in Spain

Swedish marine energy specialist Eco Wave Power Global AB (NASDAQ:WAVE) has signed an agreement with Port Adriano in Spain to potentially install a wave energy plant of up to 2 MW on the port’s property.

Port Adriano, located on the island of Mallorca, will allow Eco Wave Power to use a suitable location for 20 years, while the company will take care of all the permitting, construction and commissioning of the plant, and the subsequent sale of its production output, Eco Wave Power said in a press release on Monday.

The wave energy plant could be built in two 1-MW stages. Eco Wave Power said that it will also have the right to combine the two stages and install 2 MW from the start.

Under the agreement, Port Adriano will have the right of first refusal to invest partially or fully in both stages of the project.

If realised, the project would represent the first application of the wave energy technology in Spain, Eco Wave Power said.

The agreement enables Eco Wave Power to expand its presence in Europe, after first bringing its wave energy arrays to Gibraltar and Portugal. In Spain, the company is betting on the country’s climate targets and ambitions for renewables set for the decade’s end.

“When it comes to renewable energy, Spain foresees a sizeable buildout of new renewables capacity to reach 74% of electricity generation by 2030. Spain also has 8,000 km of coastline. The combination of Spain’s ambitious renewable energy goals, along with its significant coastline, makes it an optimal market for Eco Wave Power. We are very excited about the collaboration with Port Adriano and would like to thank them for being true wave energy pioneers,” commented Eco Wave Power CEO and founder Inna Braverman.

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