Blackbird International Corporation (BBRD), a wave energy technology company, through its wholly owned affiliate (WERPO) and Wadamba Technovations Pty Ltd have agreed to set up a joint venture to install a 500 MW power plant in South Africa.
Daniel Naimi, head of operations , states: “We are most pleased with not only this joint venture but that this advances us in increasing our footprint in African countries.”
This initial project shall generate in excess of $140,000,000 in revenues annually, the company said. Naimi added: “This is the first of more projects in Africa. Each project will increase our revenue stream with the result of multiplying substantially shareholder value.”
Wadamba technovations Pty Ltd, based in Johannesburg, South Africa, is owned by Thembelani Mbolekwana, who will implement, manage and spread WERPO’s sea-wave technology. He is also a non-executive director at POSEGA HOLDINGS, PhiBon Capital and Mvunonala Holdings.
South Africa currently meets its electricity demand primarily through the usage of coal-fired power plants with 77% of its total electricity being generated from the burning of these fossil fuels. While South Africa does have a substantial amount of coal available, the government has recognized the need to shift the reliance from fossil fuels to renewable sources.
In order to achieve this transition, the South African government has allocated over $3.3 billion toward the development of alternative energy sources, with the goal of generating 18.2 GW of electricity through green sources.
South Africa’s nearly 3,000 km of coastline is the landing site for waves that are perfect for electricity generation with WERPO’s sea-wave technology, Blackbird said.
Image: WERPO