SDE said the 25-year concession is from a Muslim country in Africa that SDE declined to identify �upon our client's request.� It said it has begun negotiations with global institutions for insuring the project and providing financial guarantees.
The developer said the cost of the project is US$100 million with expected revenues from sale of electricity to be US$1 billion.
SDE said it has an international patent and other patents pending for its wave energy device. It said to date it has built eight models that have operated successfully, the last of which with a capacity of 40 kW. SDE said the first commercial model has operated for a year in the port of Jaffa, Israel.
The technology employs a buoy lying atop the water, with attached hydraulic arms that transfer wave action to a generator, creating electricity.