EU Awards CorPower Ocean €40 Million Grant for Construction of Wave Energy Project
In a significant move towards sustainable energy, the VianaWave wave energy farm is poised to become operational off the northern coast of Portugal by 2028 or 2029. This pre-commercial 10 MW project, consisting of 30 wave energy converters (WECs), is expected to generate around 30 GWh of renewable electricity annually, enough to power approximately 7,500 homes [1][2][3].
The project's technology involves lightweight, low-cost buoys developed by Sweden-based CorPower Ocean. These buoys absorb energy stored in ocean waves, which is then converted into electricity through generators housed inside the devices. The VianaWave project builds on CorPower’s successful HiWave-5 demonstrator program, marking a transition from pilot demonstrations to commercial-scale deployment [1][2][3].
Portugal stands to benefit economically from the project, with an estimated 75% of its lifetime value to be spent within the country. This spending will boost local economies in northern Portugal through job creation in engineering, construction, and operations [2][3][5]. The project also includes investments in expanding electrical infrastructure in Agucadoura and Póvoa de Varzim and the development of CorPower Ocean’s operational base at the Port of Viana do Castelo [2][3][5].
VianaWave aligns with Portugal’s National Energy and Climate Plan goal to reach 200 MW of installed wave energy capacity by 2030 and positions Portugal as a leader in the global wave energy sector. An EU-funded study has estimated that Portugal’s Atlantic coastline could theoretically produce up to 15 GW of wave energy annually, underscoring the country’s significant potential in this renewable sector [1][2].
The project strengthens European energy security by reducing fossil fuel dependency and advancing industrial decarbonisation. The EU Innovation Fund, which has granted €40 million to support the development of the VianaWave project, is deploying around €40bn between 2021 and 2030 in commercially viable innovative low-carbon technology projects [6]. The Innovation Fund considers VianaWave to surpass the state-of-the-art by overcoming wave energy's historical cost and durability barriers [1][2][3].
Overall, VianaWave represents a pivotal step towards scaling up wave energy technologies in Portugal, reducing greenhouse gas emissions, and fostering sustainable economic growth in the region [1][2][3]. The project's success could pave the way for further wave energy developments, contributing significantly to Europe's renewable energy goals and fostering a greener, more sustainable future.
[1] CorPower Ocean secures €40m grant for VianaWave wave energy farm [2] VianaWave wave energy farm to power 7,500 homes in Portugal [3] VianaWave wave energy farm: Portugal's leap towards renewable energy [4] LeapFrog Investments exits Goodlife Pharmacy [5] CorPower Ocean's project in Portugal to create high-quality jobs [6] EU Innovation Fund to support €40bn in low-carbon technology projects
- The success of the VianaWave wave energy farm could have a substantial social impact, fostering sustainable economic growth in the region and creating high-quality jobs in engineering, construction, and operations.
- The VianaWave project, funded by the EU Innovation Fund, represents a significant development in finance for renewable energy, surpassing the state-of-the-art by overcoming wave energy's cost and durability barriers.
- The VianaWave wave energy farm, positioned to become operational by 2028 or 2029, is a key contribution to Europe's renewable energy goals, aligning with Portugal's ambition to reach 200 MW of installed wave energy capacity by 2030 and reducing the continent's fossil fuel dependency.
