Yam Pro signs $180m deal to build wave energy power station in Ghana
Israeli company Yam Pro Energy last week signed a $180 million MOU with Shapoorji Pallonji Group, owners of the TATA Group, to build a wave energy power station in Ghana. The station must be completed within the next three years, at a scope of 150 MW.
The initial phase will be 10 MW and will be expanded thereafter. The partnership will be between Yam Pro, a local partner, with SP being responsible to raise the finances.
Zeev Peretz and Laser Rothshtein, the joint CEOs of Yam Pro, have released a joint statement saying, “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.”
Yam Pro Energy’s goal, as stated on their website, is “to supply millions of people around the world with clean energy by erecting our Sea Wave power plants on shores or wave breakers, taking advantage of this underused natural energy resource. Our unique sea wave technology provides efficient and CLEAN energy – with our cost-effective energy production system we are able to make this renewable energy source available wherever it is needed.”
“According to the Population Reference Bureau “today, approximately 3 billion people – half the world’s population – live within 200 kilometers of a coastline. By 2025 that figure is likely to double.” Coastline population density is twice as dense as the world’s population density. In Northern Africa, some areas reach 500 to 1,000 people per square kilometer. According to the US Energy Information Administration, if we could capture 1% of the ocean’s energy, we could produce enough power to meet the global energy demand 5 times over. Yam Pro Energy wants to supply clean renewable ocean wave energy to the world’s growing population and a growing energy demand near the coastline.”