Wave Electricity Renewable Power Ocean (WERPO), a unit of Blackbird International, and Wadamba Technovations have agreed to jointly construct a 500MW renewable power plant in South Africa.
Designed to meet increasing demands in the region, the project is expected to initially generate revenues of more than $140m a year.
Blackbird claimed that WERPO’s technology is suitable for wave energy production on the country’s 3,000km coastline.
Blackbird International operations head Daniel Naimi said: "We are most pleased with not only this joint venture but that this advances us in increasing our footprint in African countries.
"This is the first of more projects in Africa. Each project will increase our revenue stream with the result of multiplying substantially shareholder value."
The company intends to sign additional contracts in the coming weeks.
South Africa, which is dependent on fossil fuels to generate 77% of its total power generation, plans to invest more than $3.3bn to support power generation from alternate sources.
The country has set a target to generate 18.2GW power from renewable sources.