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21/12/2022 – Energy / Renewables / Eco Wave Power / Turkey / Project

Eco Wave Power inks deal with Turkish municipality for landmark wave energy project
Eco Wave Power inks deal with Turkish municipality for landmark wave energy project

Eco Wave Power Global AB has entered into an agreement with OREN Ordu Enerji – a fully-owned subsidiary of Ordu Municipality in Turkey – for the potential construction of an up to 77MW wave energy installation, the largest agreement in Eco Wave Power’s history. 


With an estimated value of US$150 million, the new project would be Turkey’s first grid-connected wave energy station – and upon completion, would be the world’s largest wave energy power station.


The proposed wave power projects


According to the terms of the agreement, Ordu Enerji will assign nine potentially suitable breakwaters to NASDAQ-listed Eco Wave Power for a period of 25 years from activation of the relevant pilot or power station, while Eco Wave Power will be responsible for constructing, and commissioning the power plants, and selling the electricity to be generated by the power plant in accordance with an approved production quota to be determined for the site.

 

Subject to certain conditions, including, among others, receiving favourable results from feasibility studies and receipt of applicable licenses and permits, the 77MW power station is planned to be constructed in several stages, starting with an up to 4MW pilot station, and continuing with the construction, operation, and maintenance of the remaining capacity of the plant of up to 73MW. Ordu Enerji has a right of first refusal to invest partially in different stages of the project. 


Strengthening Israeli-Turkish ties


Mustafa Kemal Macit, the President and CEO of Ordu Enerji and Sefa Okutucu, Head of Environmental Protection and Control Department of Ordu Municipality, visited Eco Wave Power’s newest grid-connected power station in the Port of Jaffa (The EWP-EDF One Project) in Israel. This visit was followed by an official signing ceremony held at Eco Wave Power’s offices in Tel Aviv, with the participation of an official representative from the Turkish Embassy in Israel, Ms. Ayşe Mehlika Yıldız Ersen, who congratulated the parties for signing this first of its kind collaboration agreement.


Eco Wave Power and Ordu Enerji’s agreement reflects a renewed effort to bridge Turkish and Israeli relations, as epitomised by a recent phone call between Israeli Prime Minister-designate Benjamin Netanyahu and Turkish President Recep Tayyip Erdogan, who agreed to establish “a new era of relations” between the two countries, discussing ways to significantly strengthen economic and diplomatic ties.


“This is an important partnership that we hope further strengthens Türkiye and Israel’s ties,” said Ayşe Mehlika Yıldız Ersen, Third Secretary of the Turkish Embassy in Tel Aviv. “We are pleased to welcome Eco Wave Power and their technology to the Republic of Türkiye.”


Generating clean energy from Turkish waves


Inna Braverman, Founder and CEO of Eco Wave Power, said her team was “very excited” to announce the new “landmark agreement” between Eco Wave Power and Ordu Enerji – a relationship that would enable her firm to “provide clean electricity from Turkish waves” for the very first time. “With ambitious sustainability goals and regional proximity to our headquarters, Turkey is an interesting location to further implement and develop our innovative wave energy technology,” she remarked.


Mustafa Kemal Macit, President and CEO of Ordu Enerji commented that with the goal to build a self-sufficient grid, his firm sees Eco Wave Power as an important asset to fully realising its ambition of achieving 100-per-cent clean energy. “The entire municipality of Ordu is excited to fully realise the sea’s potential and use its unlimited source of energy to power our electrical grid,” he said, adding that the project demonstrated Ordu Enerji’s commitment “to investing in innovative clean energy technologies”.


Since 2019, Ordu Enerji, a subsidiary of Ordu Metropolitan Municipality, has sought to contribute to the sustainable future of Turkey by turning to renewable energy sources. Ordu Enerji’s goal is to advance the energy sector throughout Turkey, in part by utilising technology like Eco Wave Power’s wave energy conversion units.

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