Photo: Illustration (Courtesy of Ocean Sun)

Ocean Sun inks Mediterranean floating solar deal

Norwegian floating solar specialist Ocean Sun has signed an agreement with MP Quantum Group (MP) to develop floating solar projects in Greece and the Republic of Cyprus.

Illustration (Courtesy of Ocean Sun)
Illustration (Courtesy of Ocean Sun)

The license agreement allows MP to develop floating solar projects in the region using Ocean Sun’s proprietary technology, and sets the contractual framework for such projects.

The intention of the parties is to develop utility scale floating solar, both on inland reservoirs and for ocean applications.

A comprehensive plan for penetration of the market has been developed, and MP is actively working with permits for larger project, according to Ocean Sun.

The first phase of the collaboration will involve developing a pilot system, for which permits are expected to be acquired within 2021.

Børge Bjørneklett, CEO and founder of Ocean Sun, said: “We are pleased to enter this collaboration with one of the most well-reputed business families in Greece. MP has a strong team and a good plan to realize utility scale floating solar in the region. The Alafouzos family has an impressive track record of successful businesses and we are honored to have them as ambassadors, developers and enablers of Ocean Sun floating photovoltaic (PV) systems”.

Yiannis Alafouzos, Chairman of MP, added: “Floating solar is an excellent fit for the energy markets in Greece and Cyprus, with good irradiation, water resources and a commitment from authorities to push for the renewable energy transition. Ocean Sun has a world leading solution for floating solar with its low capex and high- power output. In addition, the seaworthiness of the system enables deployment along our widespread shores and island communities”.

Being two of EU’s most southern countries, Greece and the Republic of Cyprus have excellent solar irradiance which provides good yield for solar power investments.

Further, Greece’s National Energy and Climate Plan (NECP) has established ambitious renewable energy targets highlighting plans for 35% of the energy to be derived from renewable energy sources (RES) by 2030 and to phase-out lignite-based energy production by 2028.

According to HELAPCO, a non-profit organization representing the major Greek PV companies, this implies an average of 400-500 megawatts (MW) of installed PV capacity per year until 2030.

As reported earlier, DNV has published a world’s first recommended practice paper for floating solar power projects following a collaborative joint industry project involving 24 industry participants.

The paper is expected to provide commonly recognized guidance based on a list of technical requirements for accelerating safe, sustainable and sound design, development, operation and decommissioning of floating solar photovoltaic projects.