Blackbird International Corporation , a global wave energy technology company (WERPO), announced that it signed an agreement with the government of Guinea-Bissau for the development of a 500MW sea wave energy power plant along the coastline of Guinea-Bissau at a value of $500 Million Dollars.
The Project will be a Joint Venture with the Government of Guinea-Bissau whereas the Government will have a 30% partnership and earn 40% of the profits for a period of 25 Years.
BBRD is forecasting the costs of the project at an estimated $325 Million USD for the entire project. Under the contract, the government of Guinea-Bissauis is obliged by the contract to pay 10 Cents per KWH and Blackbird estimates approximately $50 Million in annual revenue from the project. Current estimates are that the actual planning and building will take three years until completion.
This project will help Guinea-Bissau become more independent with a stable power supply that will help solve some of the current energy problems in the country.
Mr. Shmuel Ovadia, Director and inventor of BBRD’s technology stated, “Guinea-Bissau is a perfect location to introduce sea wave energy as a viable and profitable solution for rising energy needs by implementing our patented technology and is further testament to our unique and patented sea wave power generation technology and its worldwide demand.”
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.