An Israeli renewable energy technology from Eco Wave Power signed an official agreement with Port Adriano, Spain, for the potential construction of a sea-wave power plant of up to 2 megawatts.

The agreement expands Eco Wave Power’s presence in Europe and will help Spain achieve its aggressive goals for renewable power, taking advantage of its 8,000 kilometers of coastline. No other technology of this kind has been installed in Spain.

According to the terms of the agreement, Port Adriano will assign a potentially suitable location to Eco Wave Power for a period of 20 years. Eco Wave Power will be responsible for securing all the licenses, constructing, and commissioning the power plant/s and selling the electricity to be generated in accordance with a predetermined quota.

Eco Wave Power founder and CEO Inna Braverman commented: “When it comes to renewable energy, Spain foresees a sizeable buildout of new renewables capacity to reach 74% of electricity generation by 2030. The combination of Spain’s ambitious renewable energy goals, along with its significant coastline, makes it an optimal market for Eco Wave Power.”

Antonio Zaforteza, CEO of OCIBAR, the company that owns the Port of Adriano, stated: “We believe that Eco Wave Power is a perfect fit to the innovation and sustainability vision of Port Adriano, creating a new way of generating renewable energy, that will help our port and our country to meet its ambitious goals to address the climate crisis. We are looking forward to welcoming this innovative project.”

Eco Wave Power’s project in Gibraltar has received funding from the European Union Regional Development Fund and the European Commission’s Horizon 2020 framework program. The company has also received the “Global Climate Action Award” from the United Nations.