The Memorandum of Understanding (MoU) outlines a new wave power project to be built on Reunion Island, the French territory located off the east coast of Africa.

The project will be jointly owned and financed by Carnegie and EDF EN via a special purpose vehicle, with the companies contributing 49 per cent and 51 per cent respectively.

The project will be built in three stages and is planned to have an ultimate capacity of 15 MW.

Stage 1, due to be completed within the next twelve months, will consist of the deployment of a single, autonomous Carnegie CETO unit at Reunion Island which will be followed in Stage 2 by the establishment a 2 MW plant, and a further expansion of the project to a nominal 15 MW during Stage 3.

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Carnegie Managing Director and CEO, Michael Ottaviano said “This is a significant step forward towards the development of commercial CETO projects and a tangible expansion of Carnegie’s business internationally in a European regime where very attractive incentives for wave energy exist.”

The MoU is currently non-binding and the parties are finalising the formal agreements.