Recently, Israeli firm Wave Electricity Renewable Power Ocean (WERPO) has launched a 100-MW wave energy project in Kenya.
In future, the company plans to employ its technology to countries such as Guinea and Gambia.
Already, WERPO is present in nine markets, including China, Kenya and Sri Lanka.
In the next two years, the company has planned 10-MW plants in all the counties it is active. In the next four years it has planned to achieve 100-MW plants. In this way, the company can return the investment for the shareholders in the next four years, said, Shmuel Ovadia, inventor of the technology for WERPO.
The company inherits the property, technology, know-how and contracts previously associated with Israel-based sea wave power firm SDE.
To raise fund for various projects globally, WERPO was formed to implement a reverse merger with Blackbird International and gain a listing on the US over-the-counter (OTC) market.
Now with a completed combination, the company’s market capitalization totals to USD 40 million (EUR 32m).
Last month, WERPO had received the consent from the Ministry of Energy in Kenya to install a 100-MW wave energy plant on the coastline of the African country, to be executed through a 70/30 joint venture with Sea Wave Gen, according to Blackbird.
WERPO plans to invest around USD 80 million to build it and the first phase of the project will have a capacity of 10 MW, which will bring gross income of USD 10 million. The output of the plant will be sold to local power firm KPLC at USD 0.08 per kWh.
WERPO’s expansion plans with USD 2 billion worth of orders involve small West African countries such as Guinea, Guinea-Bissau Gambia and China. The ports in Italy are also included.
Already, the company has signed a PPA for an initial 100-MW wave energy project in Guinea-Bissau which can be developed to 500 MW. In Conakry, WERPO will install 100 MW under a MoU with the government.
In China, WERPO will install a 150-kW wave energy system on Hainan Island and two more Chinese plants of 500-kW at a cost of USD-1.2-million are also under plan.
Less than two weeks ago, there was an official request for WERPO’s technology in Sri Lanka for a 10-MW wave energy station in Matara with further 20 plants with the same capacity.
The cost of constructing a 1-MW plant, using the hydro-pneumatic technology will be USD 650,000. The technology can achieve a power generation cost at USD 0.02 per KW. This type of wave energy generators can produce electricity about 65 percent of the time they operate.
In Africa the company’s technology could not only boost local power capacity but also solve water availability problems.
Sabeena Wahid
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