June 16 (Bloomberg) -- Gibraltar agreed to buy electricity from an ocean energy plant being developed by Eco Wave Power.
Eco Wave plans to install the facility this year and will start producing power next year, Inna Braverman, co-founder and marketing director, said today by e-mail. It will cost about $5 million to build and the government of Gibraltar has agreed to buy the electricity for 25 years, she said.
The first phase of the plant will have a half a megawatt capacity, with Eco Wave planning to scale this up to about 5 megawatts, Braverman said. Gibraltar plans to produce 15 percent of its energy from renewable sources by 2020.
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