Norwegian company Langlee Wave Power has signed a Letter of Intent with Turkish energy group Ünmaksan to build a 24MW wave power facility following pilot testing.
Phase 1 of the agreed project is a prototype designed for typical wave conditions near Turkey’s coastline, expected to be developed during 2010. Following testing of this pilot installation, Ünmaksan and Langlee are to develop a full-scale wave energy farm with a capacity of 24MW, at a total investment cost of approximately NOK 1B (US$166M)
Langlee’s license fee revenues for the Ünmaksan project are estimated at approximately NOK 90M (US$15M).
