Wave energy company, Blackbird International Corp. and Wadamba Technovations Pty Ltd, its partner in South Africa, will set up a power plant in the country. Blackbird has agreed to set up this JV in order to erect a 500-MW power plant, which will take advantage of renewable sea wave energy.
Daniel Naimi, head of operations, states, "We are most pleased with not only this joint venture but that this advances us in increasing our footprint in African countries." The initial project shall generate in excess of $140 million in revenues annually.
Naimi adds, “This is the first of more projects in Africa. Each project will increase our revenue stream with the result of multiplying substantially shareholder value.”
South Africa’s nearly 3,000 km of coastline is the landing site for waves that are perfect for electricity generation with WERPO’s sea-wave technology. The government of South Africa has expressed the desire to take advantage of their coastline as a way to achieve their alternative energy goals through the implementation of a series of power plants.