Israeli wave energy company Yam Pro Energy has signed a memorandum of understanding with the Indian business conglomerate Shapoorji Pallonji (SP) Group to build wave energy power station in Ghana.
The partnership involves Yam Pro, a local partner and SP Group, which will be responsible for raising the finances.
The initial phase of the project will see the construction of a 10MW wave energy plant.
The developers said they expect to expand the plant to 150MW in the next three years, reaching an estimated worth of $180 million.
Zeev Peretz and Laser Rothshtein, the joint CEO’s of Yam Pro, said in a joint statement: “We are very excited today reaching such a substantial milestone as one of the largest EPC companies in the world is giving confidence in our technology and company and are willing to start a cooperation in Ghana.
“We are hoping this will be a start of a global cooperation with SP that we can together revolutionize the energy market around the world.”
SP Group has a workforce of 60,000 with a turnover of $4.2 billion. The promoters of the group are the largest individual shareholders in Tata Sons, the holding company of the Tata Group. They hold 18% and are the second largest shareholder in the Tata Group, according to Yam Pro Energy.
WERPO, owned by Blackbird International Corporation (BBRD), sold its rights for a 20% share in profits from the yet to be constructed wave energy projects across the globe.