Ecuador to Finance 60 Pct of S.D.E Wave Energy Costs

S.D.E Ltd., the leading company in the world in electricity production from sea wave energy, is planning to build its unique sea wave energy power plants along the costal line of Ecuador main land and the island of Galapagos.

SDE was selected by a team of international scientists as number one in the world in Sea Wave Energy Technologies, numbers six in Tidal Energy and River Energy, and was ranked as one of the Top 100 Clean Energy Technologies.

SDE has already been invited to Ecuador by the minister of renewable energy and electricity to come and introduce its unique technology. It is written in the invitation that Ecuador has special interest in building Sea Wave power plants in different sites around Galapagos Island such as Isla Santa Cruz, Isla Isabela, Isla San Cristobal, Isla Baltra and Isla Floreana. MEER has also showed interest in building power plants in the main land, in sites like Jaramijo, where it is planned to construct a 15 MW power plant that can grow to 100MW.

Furthermore, The EcuadorGovernment is willing to finance 60% of the costs involving building a sea wave power planet, and of course sign a PPA for 15 years. S.D.E is now in search to finance the remaining 40%.

Mr. Shmuel Ovadia, the company’s CEO said, that he is hoping that this model will lead to significant reductions in electricity costs in areas it will be operated, where the production costs are only 0.2cents per kw/h.

Due to the high oil prices and the rising costs of electricity in Ecuador (as in the rest of the world. Watch John Hofmeister, former Shell Oil CEO, talks Oil and Energy Independence), The Ecuadorian Government, through the Ministry of Electricity and Renewable Energy (MEER) is encouraging production of electricity from clean energy.

The local council of electricity, the conelec, has published, special Tariffs for buying electricity coming from clean energy source, that can rise up to 40 cents per one Kw/h.

At the last decade great effort was made to develop technologies for producing renewable energy.SDE Energy created an economic model which is based on its technology for producing electricity through harvesting the energy of the sea wave’s motion. Results and experimental fieldwork conducted in Israel and abroad indicate that the energy production from sea waves by SDE’s technology cost of 2-6 cents for 1KW, a significantly lower cost compared to other renewable energy technologies (for example, wind energy – 12 cents, Solar Energy 16 cents).

In addition, SDE’s technology allows an annual output of 65% – significantly higher yield compared to other renewable energies (wind energy – an annual output of 24%, solar energy an annual output of 22%).

SDE has registered patents and several patents in the registry. Up until now, the company established 11 models of sea wave power plants, including a model in China that was financed by the Chinese government and the current model at the company’s factory in Israel..

S.D.E. is seeking funding for the implement stage at this point in time and welcomes proposals for all type of investments.

[mappress]

Offshore WIND staff, June 18, 2012; Image: sde