Wave Electricity Renewable Power Ocean (WERPO) has signed an agreement with the government of Guinea-Bissau for the development of a 500MW sea wave power plant along the coastline of Guinea-Bissau at a value of $500 million.
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.
WERPO is forecasting the costs of the project at an estimated $325 million for the entire project. The government of Guinea-Bissau is obliged by the contract to pay 10 Cents per KWH and WERPO’s projections are for $50 Million yearly revenue from this contract. 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 can solve all the energy problems in the country.
Mr. Shmuel Ovadia, Director and inventor of WERPO’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.”