The project is supported by European private and public investors, namely Equity Funding, Swedish Energy Agency, Portugal Compete 2020, and EU Grants and is in line with the Government’s plan for the development of the country’s renewable energy, a sector that could generate 254 million euros in investments, 280 million euros in gross added value and creating 1500 new jobs.
At stake is the project considered “pioneer”, called HiWave-5, developed by CorPower. The company, a leader in wave energy technology, justified the choice of Viana do Castelo for the installation of the R&D center with a solid set of engineers from sectors such as offshore wind, composites and shipyards manufacturing, high-level universities and industrial infrastructure , including ports and network connection.
At stake is the Windfloat Atlantic (WFA), a project for an offshore wind power plant (offshore), in Viana do Castelo, budgeted at 125 million euros, coordinated by EDP, through EDP Renováveis, and which integrates the partner Principle Power, Repsol, venture capital Portugal Ventures and metallurgical A. Silva Matos. It is the first floating wind farm in continental Europe, located 20 kilometers off Viana do Castelo.
For CorPower Ocean, wave energy can play a key role in Portugal’s transition to a 100% renewable energy country, offering a platform to boost Portuguese exports and long-term investment opportunities for local supply chains.
The HiWave-5 program is recognized as one of the most ambitious efforts in ocean energy, and it is estimated that with the arrival of HiWave-5, Portugal’s reputation as a world leader in renewable energy will be consolidated, with significant investments in personnel, technology and installations.