The Finnish company, AW Energy, announced it will invest EUR 25 million in wave energy project off Peniche coast.
According to John Lilijelund, executive chairman of the company, the funds will be used for the construction, assembly and installation of 16 wave energy devices with total capacity of 5.6 megawatts.
“The next step is to install one unit next summer, and the rest within the next three years and to enter commercial operation phase in 2016/2017,” said Lilijelund .
The company already tested three 100kW WaveRoller units deployed in 2012 and funded by the European Union with EUR 9.1 million.
“In periods when the technology was on the seabed, the turbines never stopped. Tests were very successful and we have results to enter the commercial phase of the project because we are able to capture wave energy efficiently,” concluded John Lilijelund.
The company holds a 1 MW grid connection license to the national electricity grid in Portugal through which it will connect the project.