Eco Wave Power has received an approval for EU funding for a wave energy power plant in Gibraltar.
The grant for Eco Wave Power has been provided as part of the EU Funding under the 2014-2020 European Regional Development Fund Operational Programme in support for renewable energy.
According to the Power Purchase Agreement between Eco Wave Power (EWP), Gibelec and the Ministry for the Environment, Energy and Climate Change in Gibraltar, EWP will construct a 5 MW wave energy power station in two phases.
During the first phase, the company will implement a 100 KW power station on the Ammunition Jetty, and in the second phase the power plant’s installed capacity will be expanded to 5 MW, which will provide up to 15% of Gibraltar’s electricity needs. EWP said this percentage will enable Gibraltar to meet its renewable energy commitments to the EU by 2020.
EWP’s founder and CEO, David Leb , and co-founder Inna Braverman said: “We are very grateful and excited with the opportunity to build our wave energy power plant in Gibraltar, with the assistance from the EU. Wave energy is a growing industry and the financial contribution made by the EU is very significant and shows positive progress in the right direction.”