Eco Wave Power Pays First Installment of Grid Connection Fee for 1MW Project in Porto, Portugal, Marking Major Progress Toward Wave Energy Integration

Core Viewpoint - Eco Wave Power Global AB has achieved a significant milestone in the development of its first 1MW wave energy power station in Porto, Portugal, by paying 50% of the grid connection fee, indicating progress in the project's implementation [1][4]. Project Development - The payment made to E-REDES, the Portuguese electricity distribution system operator, represents a crucial step in securing access to the national distribution grid [4]. - Eco Wave Power has accepted the connection conditions for the public grid related to the UPP/5089 power plant, which is part of the formal application process [5][6]. - A tentative grid-connection date has been set for 2026, subject to final permitting and construction procedures [6]. Strategic Importance - The project is a cornerstone of Eco Wave Power's European growth strategy and marks its first megawatt-scale deployment in the region, with a 20MW concession agreement signed with APDL [8]. - The trajectory of the project accelerated after receiving the final permit from APDL in March 2024, allowing physical works to commence [9]. Infrastructure and Management - Key infrastructure enhancements began in February 2025 at "The Gallery," preparing it for equipment installation and public access [10]. - The company appointed Juan José Gómez as Power Station Manager and engaged MOQ Engineering for final design work, ensuring a robust execution of the project [11]. Industry Context - Portugal aims to source 85% of its electricity from renewables by 2030, up from 61% in 2023, making it a strategic partner for Eco Wave Power's technology [13]. - The country is recognized as a leader in wave energy commercialization, providing a favorable regulatory framework for marine renewable innovations [13].