Israeli wave energy company Yam Pro Energy has signed a memorandum of understanding with the Indian business conglomerate Shapoorji Pallonji (SP) Group to build wave energy power station in Ghana.
The partnership involves Yam Pro, a local partner and SP Group, which will be responsible for raising the finances.
The initial phase of the project will see the construction of a 10MW wave energy plant.
The developers said they expect to expand the plant to 150MW in the next three years, reaching an estimated worth of $180 million.
Zeev Peretz and Laser Rothshtein , the joint CEO’s of Yam Pro, said in a joint statement: “We are very excited today reaching such a substantial milestone as one of the largest EPC companies in the world is giving confidence in our technology and company and are willing to start a cooperation in Ghana.
“We are hoping this will be a start of a global cooperation with SP that we can together revolutionize the energy market around the world.”
SP Group has a workforce of 60,000 with a turnover of $4.2 billion. The promoters of the group are the largest individual shareholders in Tata Sons, the holding company of the Tata Group. They hold 18% and are the second largest shareholder in the Tata Group, according to Yam Pro Energy.
To remind, Yam Pro Energy was created by Shahar Energy after it bought the building, patent, and intellectual property rights from WERPO for its wave energy technology.
WERPO, owned by Blackbird International Corporation (BBRD), sold its rights for a 20% share in profits from the yet to be constructed wave energy projects across the globe.