Dublin, Ireland - Finavera Renewables Limited (Finavera
Renewables) a private Irish renewable energy company focused on wind and wave energy
development, announced that its' wholly owned subsidiary, AquaEnergy Group Ltd, has
been successful in its application to the European Commission under the Framework Protocol 6
(FP6) program. As a result, the European Commission may contribute up to €1.37 million toward
the deployment of a wave energy power plant off the coast of Portugal, subject to successful
contract negotiations and completion of the internal, formal selection process.
Wave Energy Converter Project
The AquaEnergy Group is a 100% owned subsidiary of Finavera Renewables, and has received
a letter of successful evaluation from the European Commission Directorate-General for Energy
and Transport. The award of up to €1.37 million may be granted under the European
Commission's Framework Protocol 6 program as a contribution to the deployment of a 2MW full
scale wave energy conversion power plant in Portugal. The proposed power plant will be situated
in 60 meters of water approximately 10 kilometers off the coastline midway between the
Portuguese cities of Lisbon and Porto. Once successful operation of the plant has been
demonstrated, the plant generating capacity is expected to be increased to 100MW – producing
enough electricity to power more than 60,000 homes.
Alla Weinstein, CEO of AquaEnergy said, "This award reflects the last four years of work that the
team has put into the project. With our partners, Dunlop Oil and Marine, Portuguese engineering
group Kynamar and Labelec, a division of the Portugal's largest utility - Energias de Portugal
(EDP), we will begin executing our deployment plan once negotiations with the European
Commission and the partners are completed." She continued, "The Portuguese groups in
particular have been very supportive as they see the long term value in building a wave
technology industry. It has been estimated recently that the country's coastline contains enough
exploitable energy to contribute up 20% of the country's total electricity consumption - a total
value of over €5 billion."
Jason Bak, CEO of Finavera Renewables commented "We are very excited about being in this
position, at the right time and place. We are looking towards the future where wave power
generation will join the commercial realm along with other types of renewables like wind energy.
Recent technological advances are moving wave energy forward to a cost competitive renewable
source of electricity." Adding, "Not only does this award assist us in deploying our AquaBuOY
technology at a true commercial scale, but along with our 1MW Makah Bay project in
Washington, USA, we can now start to look at building a pipeline of other projects world wide."
SOURCE: Finavera Renewables