Marine energy company Eco Wave Power said it has secured a European Union grant for its 5-megawatt project in Gibraltar.
Details of the financing were not given. The company has a power-purchase agreement between with Gibelec and the Ministry for the Environment, Energy and Climate Change in Gibraltar for the project to be developed in two phases.
During the first phase, Eco Wave Power will implement a 100KW power station on the Ammunition Jetty, and in the second phase the power plant will be expanded to a size of 5MW, which will provide up to 15% of Gibraltar’s electricity needs.
Eco Wave Power successfully obtained the EU co-funded grant under the 2014-2020 European Regional Development Fund Operational Programme in support of renewable energy that is meant to ensure that Gibraltar has secure, affordable and climate-friendly energy, while using wiser energy production methods to combat climate change and creating business innovation.