Wave Energy Parks 30.09.2011
Wave Energy Converters are located inside Wave Energy Parks, which consist of a consented sea area, an electrical cable reaching the user of the electricity and a light local support infrastructure. Go to our “About wave energy” page for some background on wave energy conversion, or to our “Wave Energy Converters” page for some details on our unique approach to wave energy conversion. Or go to the Facebook pages of the parks pages (links on the left).
We abbreviate “Wave Energy Park” to WEP for short. WEPs are a business opportunity for fishermen, fish farmers and in general entrepreneurs of the sea to enter in the business of renewable energy generation. The capital requirements are much lower than those necessary to be machine owners. This is compensated by the need to operate locally, both for the consenting process and for the Installation, Operations and Maintenance of the site.
Small scale WEPs
A small scale Wave Energy Park will have strong local ties, in terms of supply of personnel and vessels and of consenting procedures. Efficient design, construction and operation require direct knowledge of the site. We use partner EPC companies, like Elements Works SRL, to prepare, implement and maintain our small scale WEPs.
The local community can benefit from the involvement in financing of their Wave Energy Park. First, they can gain financial benefit from the local wave resource. Second, control of the WEP will guarantee that most of the operations will be carried out by local personnel and vessels, when possible. The direct knowledge of the site and of the activities at the WEP bring in automatically a reduction of risk for the community.
Large scale WEPs
A large scale Wave Energy Park will typically host several Wave Energy Converters, and provide electricity to the medium or high voltage grid. It will be operated professionally by expert personnel, in the same way as a fossil fuel power plant. The efficiency characteristics of the machines installed in the park will be well documented and publicly available. It will be certified by an independent certification authority.
Any free slot in such a WEP can be offered to a wave energy converter owner with standardized economic terms, which will contain production guarantees or at least investment return guarantees. Such a machine owner does not need to know the specifics of the WEP, but only the expected returns and the financial rating of the WEP operator.
As in the previous case, we use partner EPC companies, like Elements Works SRL, to prepare, implement and maintain the WEPs comprising our machines.
This presentation is for informational purposes only and is of a general and summary nature. It does not, and is not intended to, constitute advice on any of the topics herein. Before entering into any financial arrangement, you should seek your own financial, legal and tax advice. This document does not represent any form of invitation or solicitation to invest. The matters discussed herein will not be suitable for every situation and professional advice should be sought be entering into any such arrangements.
Background image: an island in the Tuscan archipelago. Photo by Michele Grassi