Wave energy developer Eco Wave Power has inked an MOU with Msmart Future Technology with plans to develop a 50MW wave energy array in Vietnam.
The two companies will execute this collaboration in milestones.
Specifically, in the first phase, the Eco Wave Power engineering team, will perform an in-depth feasibility study, at the selected site in Vietnam.
The study will include the installation of a wave measurement buoy, for collection of the site’s wave climate.
Following the studies to the satisfaction of the parties, they will work towards the establishment of a Joint Venture company in Vietnam for the development of a 50MW wave energy array.
“We look forward to demonstrating our solution together with Msmart Future technology in Vietnam, which will support Vietnam’s plan to increase its’ renewable energy sources, while reducing GHG emission by 8 per cent by 2030,” says Inna Braverman , CEO of Eco Wave Power.
Nguyen Quang Vinh , CEO of Msmart Future Technology, also said that partnership with Eco Wave Power fits into their strategy to expand portfolio towards wave energy.
“Together with Eco Wave Power we are committed to applying their disruptive technology to bring innovative wave energy into the Vietnamese market”
To remind, Eco Wave Power also reached a concession agreement with APDL to use an area potentially suitable for a wave energy power plant of up to 20MW in four locations in Portugal.
EWP plans to construct and commission the power plant in two stages.
At the first stage, the company will construct an up to 5MW project.