Eco Wave Power has signed a letter of intent (LoI) with Wavefront Asset Management (WAM) under which the UK-based asset management firm is expected to provide structured equipment financing and leasing solutions to support the deployment of Eco Wave Power’s wave energy generation equipment across its global project portfolio.
Eco Wave Power may, at its sole discretion, introduce customers interested in financing wave energy equipment to Wavefront, which is expected to act as a funder and lessor, acquiring Eco Wave Power equipment and leasing it directly to customers under medium-term finance lease arrangements, subject to customary due diligence and credit approvals.
The purpose of the deal is to facilitate customer access to flexible financing solutions for wave energy installations, supporting Eco Wave Power’s transition from pilot and demonstration projects to commercial-scale deployments.
The LoI has an initial term of 36 months. Except for certain customary provisions, it is non-binding, and any financing transactions will be subject to definitive agreements between Wavefront and the relevant customers.
“Access to tailored financing solutions is critical for accelerating the deployment of renewable energy infrastructure,” said Inna Braverman , CEO and Founder of Eco Wave Power. “This LOI supports our strategy of reducing financing barriers for customers while advancing the commercialization of wave energy. As our global project pipeline continues to grow, we believe collaborations such as this can play an important role in enabling the transition from demonstration projects to commercial-scale installations.”
Wavefront’s contemplated financing solutions may cover up to 100% of equipment costs and may also include installation costs and staged payments, depending on customer profile and transaction structure, Eco Wave Power said. In addition, the firm will provide leasing quotations and application documentation, participate in customer discussions upon request, conduct credit evaluations, issue lease documentation, and administer lease agreements throughout their lifecycle.
“We are pleased to enter into this Letter of Intent with Eco Wave Power,” said Kevin Swannack , Director for Wavefront Asset Management. “Eco Wave Power’s technology represents an innovative and practical approach to marine renewable energy and aligns well with our focus on financing environmental and sustainable maritime assets. Through this collaboration, we aim to provide flexible and efficient financing solutions that can support customers deploying wave energy equipment across a range of project sizes and geographies.”