Eco Wave Power signed a PPA (Power Purchase Agreement) with the Government of Gibraltar and the Gibraltar Electricity Authority in the scale of 5MW. The construction was co-funded by The EU Regional Development Fund as well as private investments groups.
In May, 2016, EWP and the Government of Gibraltar held an official opening ceremony of the newly constructed wave energy power station on the east side of Gibraltar.
Now, at a former World War II Ammunition Jetty, sits the initial 100KW of a 5MW power station. This is the first commercial, wave energy array in Europe that is selling electricity to the electrical grid through a PPA (Power Purchase Agreement).
Upon completion of the whole 5MW, this site will provide Gibraltar 15% of its overall consumption of electricity, putting the country well in line with EU Renewable Energy Directive target of 20% renewable energy by 2020.