Wave energy firm CorPower Ocean secures €40 million EU grant for project development
Off the coast of northern Portugal, a groundbreaking renewable energy project is set to become operational by 2028-2029. The VianaWave wave energy farm, spearheaded by CorPower Ocean, aims to generate approximately 30 GWh of renewable electricity annually, enough to power around 7,500 homes.
This ambitious project will feature 30 Wave Energy Converters (WECs) with a total capacity of 10 MW. It is a significant stride towards Portugal’s goal of installing 200 MW of wave energy capacity by 2030, contributing to the reduction of greenhouse gas emissions while boosting the local economy through investment in technology, infrastructure, and job creation.
The project, supported by a €40 million EU Innovation Fund grant, includes upgrades to the electrical infrastructure in nearby coastal areas (Agucadoura and Póvoa de Varzim) and establishing an operational base at the Port of Viana do Castelo. CorPower Ocean plans to invest a significant portion of the project's lifetime value in Portugal, supporting the local economy through job creation in engineering, construction, and operations sectors.
The VianaWave energy farm uses light-weight and low-cost buoys that absorb energy stored in ocean waves, which is converted into electricity by generators inside the device. The EU Innovation Fund considers this project to surpass the state-of-the-art by overcoming wave energy's historical cost and durability barriers.
The VianaWave farm is currently a pilot project, but its successful execution could pave the way for wider adoption of wave energy technology, strengthening European energy security by reducing fossil fuel dependency and advancing industrial decarbonisation. CorPower Ocean's commercial director, Kevin Rebenius, referred to the grant as a "pivotal milestone" for his firm and the wave energy sector as a whole.
Meanwhile, the EU Innovation Fund is deploying around €40bn between 2021 and 2030 in commercially viable innovative low-carbon technology projects. Elsewhere, the renewable energy firm Renalfa has secured €315M from an investor group led by the European Bank for Reconstruction and Development (EBRD).
In other news, LeapFrog Investments has exited its investment in Goodlife Pharmacy, marking the end of their partnership in the healthcare sector. As the world continues to transition towards renewable energy, projects like VianaWave are set to play a crucial role in powering a sustainable future.
- This wave energy farm, known as VianaWave, financed in part by the €40 million EU Innovation Fund, is set to make a significant impact in the development finance sphere, demonstrating Europe's commitment to commercially viable innovative low-carbon technology projects, like renewable energy.
- The energy transition in the industry is accelerating, with CorPower Ocean's VianaWave project aiming to generate renewable electricity, contributing to the reduction of greenhouse gas emissions in Portugal while boosting the local economy and job creation for engineering, construction, and operations sectors.
- Porto's VianaWave wave energy farm, striving for a 10 MW capacity with 30 WECs, could profoundly impact the future of energy in Europe, potentially paving the way for wider adoption of wave energy technology and strengthening European energy security, particularly through the advancement of renewable-energy solutions, leading to a more decarbonised industry and fossil-fuel-independent energy landscape.
