Wave Energy Parks
- Wave Energy Parks as Service Hubs
- Expressions of Interest for WEPs
- Distributed energy generation
- Underwater cable to the user
- Sea area, navigation and fishing
- Formation process for a Wave Energy Park
- – Italy – Punta Righini WEP
- – Italy – Elba WEP
- – Italy – Gorgona WEP
- – Italy – Lavagna WEP
- – Maldives – Vavvaru WEP
- – United Kingdom — Scilly Airport WEP
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 created a small GIS portal on ArcGis online, indicating the WEPs under development. The portal is work in progress but you can check it out here
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.
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.
The most flexible way to involve directly the community in the WEP is through a form of crowdfunding. This does not exclude the possible participation from individuals from remote locations, especially for WEPs with a high social value. Private investors, who may have the possibility to enter into the details of the WEP structure to analyse its internal risk, may also be interested in machines installed in small scale WEPs.
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.
Such a machine (or a pool of such machines distributed over several WEPs) can be effectively owned through a crowdfunding scheme by a large number of individuals, who target a fixed and relatively risk-free return. This is in a sense a “crowdfunded” version of Project Finance.
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.