EU grants €40 million to CorPower Ocean for the establishment of a wave energy farm
Wave Energy Farm Off the Coast of Portugal to Commence Operations in 2028 or 2029
A significant milestone is on the horizon for the wave energy sector, as a pre-commercial 10 MW wave energy farm named VianaWave is set to commence operations off the northern coast of Portugal. This project, supported by a €40 million grant from the EU Innovation Fund, is expected to generate approximately 30 GWh of renewable electricity annually, enough to power around 7,500 Portuguese homes.
CorPower Ocean's commercial director, Kevin Rebenius, has hailed the grant as a "pivotal milestone" for his firm and the wave energy sector as a whole. The VianaWave project represents a significant effort towards Portugal’s National Energy and Climate Plan goal of achieving 200 MW of installed wave energy capacity by 2030.
The VianaWave wave energy farm will consist of 30 wave energy converters, which will be installed off the coast of northern Portugal. The onshore facilities include CorPower Ocean's operational base at the Port of Viana do Castelo, as well as electrical grid upgrades near Aguçadoura and Póvoa de Varzim.
The EU Innovation Fund is deploying approximately €40bn between 2021 and 2030 in commercially viable innovative low-carbon technology projects. The funding for VianaWave will not only cover wave farm technology and infrastructure but also support significant investment in onshore facilities.
Elsewhere, Renalfa, a renewable energy firm, has raised €315M from an EBRD-led investor group. Meanwhile, the Resonance housing initiative has welcomed its first tenants as the fund is closing. LeapFrog Investments has also exited Goodlife Pharmacy.
As the world continues to grapple with climate change, projects like VianaWave are crucial in the transition towards a more sustainable energy future. The wave energy farm, expected to become fully operational by 2029, is poised to make a significant contribution to Portugal's renewable energy goals and the global fight against climate change.
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- The deployment of €40bn from the EU Innovation Fund over the 2021-2030 period aims to support commercially viable innovative low-carbon technology projects, such as the VianaWave wave energy farm off the coast of Portugal.
- Development finance, in the form of a €40 million grant from the EU Innovation Fund, is playing a crucial role in funding the VianaWave project, which is expected to contribute significantly to Portugal's renewable energy goals and the global fight against climate change.
- As the VianaWave wave energy farm, an important contributor to Portugal's renewable energy sector, prepares for operations in 2028 or 2029, it will also drive the energy transition within the wider, international renewable-energy industry.
