SDE Energy Ltd., the world leader in the planning, construction and marketing of power stations which produce electricity from sea waves, has entered into a joint venture with Green Energy International (“GEI”) for the development of a 50 MW sea wave power plant along the coastline of the Republic of Ecuador.
The joint-venture company to be formed by SDE and GEI, SDE Ecuador, may also develop smaller sea wave power plants in different sites around the Galapagos Islands. The Republic of Ecuador launched a feed-in-tariff (FIT) program on April 14th, 2011 under which the energy produced by the sea wave power plant(s) will be sold.
The Republic of Ecuador, a South American country of 15 million people, aims to be a global leader in renewable energy. The Government of the Republic of Ecuador has offered to finance 60% of the costs involved in constructing a sea wave power plant. Ecuador’s local energy authority, Consejo Nacional de Electricidad (“CONELEC”), will pay SDE Ecuador a fixed price of US 0.4477 cents per kWh for the energy produced by the sea wave energy power plant(s) for a contract term of 15 years.
Reliance Partners, an independent investment bank headquartered in the United States of America, is securing the required financing for the sea wave power plant(s) that will be owned and operated by SDE Ecuador. The sea wave power plant(s) will be designed and constructed by SDE Energy Ltd.
SDE Energy was selected by a team of international scientists as number one in the world in sea wave energy technologies and number six in the world in both tidal energy and river energy. Furthermore, SDE Energy was ranked as one of the top 100 clean energy technologies. SDE Energy has established 11 models of sea wave power plants.
SDE Energy is currently building the 12th model of its sea wave power plant for its partners in China at the company’s factory in Israel. This sea wave power plant will be the second power plant which the company has built in China.
Mr. Shmuel Ovadia, SDE Energy’s CEO stated, “SDE is excited to bring our innovative sea wave energy technology to Ecuador. We appreciate the support offered by the government of the Republic of Ecuador and the interest Ecuador has shown in our sea wave energy technology. Ecuador is fast becoming a leader in the renewable sector and its commitment and policies towards clean, renewable sources of energy is unparalleled for a county of its size. Currently, Ecuador’s energy production mainly consists of hydroelectric power plants which are at risk from droughts and energy from the combustion of polluting oil. SDE’s sea wave power systems have been designated as the number one sea wave energy technology in the world on the PESWIKI website and our sea wave power systems are the cheapest and most cost-efficient renewable energy technology in the market. Due to high oil prices and the rising costs of electricity, sea wave energy production has emerged as a competitive, viable, and often preferred alternative for energy production. SDE is continuing to expand throughout the world and is pleased to be working in cooperation with GEI.”
Press Release, October 17, 2012