Orecon to launch Portuguese JV

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Bodmin-based wave energy device developer, Orecon, has signed an agreement with Portuguese developer Eneólica.

The two companies are establishing a joint venture company to build and deploy Orecon’s first full scale 1.5MW MRC wave energy buoy. The site will be connected to the Portuguese electricity grid and deliver power for up to 1500 homes. 

When the first unit has been connected, two further MRCs will be added to the site, increasing the power output to 4.5MW making it the world’s largest operating wave farm to date and providing power for nearly 5000 homes. The partners intend to develop further multi-megawatt sites in Portugal over the next ten years.

Orecon’s CEO, David Crisp, commented “We are delighted to be working with such an experienced and forward thinking farm developer like Eneólica and are confident that the partnership can deliver a commercially successful project.” 

Eneólica is a major Portuguese developer with its main focus on the production of electricity from renewable energy sources including wind, wave, solar, biomass and hydro power. Eneólica’s CEO, Agostinho Ribeiro commented: “We are very happy to be able to work with Orecon in the development of this project, given the great potential of the technology and also the high competence and experience of Orecon´s team, which is one of the most important assets for the success of this project.”

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