The company will own, design and construct the sea wave power plant with US-based independent investment bank Reliance Partners will secure the required financing.

SDE Energy CEO Shmuel Ovadia highlighted that the country was a leading renewable energy producer.

"Currently, Ecuador’s energy production mainly consists of hydroelectric power plants which are at risk from droughts and energy from the combustion of polluting oil," cautioned Ovadia.

The government will fund 60% of the project cost while the country’s local energy authority, Consejo Nacional de Electricidad (CONELEC) signed a 15 year power purchase agreement to acquire electricity from the project at a fixed price of $0.4477 per KWh under the April 2011 feed-in-tariff program.

 

Â