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Orecon has signed a construction agreement for three wave energy devices

Following a recent agreement with Portuguese developer Eneolica to develop a 4.5 MW wave energy site, Orecon has signed a letter of intent with the local shipyard Estaleiros Navais Do Mondego.

Orecon and the shipyard have agreed a contract to build Orecon’s 1.5 MW MRC wave energy devices for the Portuguese market. Construction for the first unit is scheduled to start in February 2010, to be ready for installation in spring 2011.

Estaleiros Navais do Mondego is based in Figueira da Foz, on Portugal’s Atlantic facing West coast, in the estuary of Mondego River, near to the intended wave energy installation site.

Orecon’s Business Development Director, Ken Street, says: “The Portuguese wave market is by far the best in Europe. They have an excellent wave resource and the country’s long narrow shape means that grid connection and distribution are much simpler to achieve than elsewhere. The clear feed in tariff scheme makes the business case easier for developers like Orecon to establish and grow a new industry, which will create and secure local jobs.”

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Wave and tidal energy