The partnership agreement covers the development and deployment of the Ceto wave energy process in electricity generation projects. The agreement gives EDF Energies Nouvelles the exclusive right to use the technology in the Northern Hemisphere and on Reunion Island.
The terms of the deal with Renewable Energy Holdings (REH) provide for an investment of GBP3 million by EDF Energies Nouvelles in REH.
EDF Energies Nouvelles will own 51% to 75% of the projects developed with the Ceto technology, while REH will account for 25% to 49%.
The partnership reportedly falls in line with the French firm’s decision to expand into new segments and to pursue selective diversification in new sources of growth, besides wind and solar energy.
