A Letter of Intent to build a 24 MW wave power facility worth approximately NOK 1 billion ($166m approx) has been signed between the Turkish energy company Ünmaksan and the Norwegian company Langlee Wave Power, it was announced this week (19th August). Phase 1 of the project is a prototype designed for typical wave conditions near Turkey's coastline; which will be developed during 2010. If testing of this pilot installation is successful, Ünmaksan and Langlee will develop a full-scale wave energy farm with an electric power generation capacity of 24 MW.

"Ünmaksan has analyzed more than 70 different wave power concepts, and we believe Langlee has the most robust technology and cost-effective solution," says Ünmaksan's Managing Director Mr. Serhat Kan. "The agreement with Langlee is a promising starting point in the development of Turkey's wave power resources" he continues.

Langlee's license fee revenues for the Ünmaksan project are estimated at approximately NOK 90 million ($15m approx).

"Our collaboration makes Langlee and Ünmaksan pioneers in the capture of wave energy for powering homes and businesses in this commercially important region. The partnership also ensures local access to academic, technical, and commercial expertise; yard construction capacity; and other resources necessary to achieve our ambitious goals," says Langlee's CEO Julius Espedal.