Parent company of Wave Electricity Renewable Power Ocean (WERPO) Israel-based Blackbird International has formed a joint venture with its South African partner Wadamba Technovations, to develop a 500MW renewable project in South Africa.
The facility is planned to generate power from sea waves in the country and is expected to generate more than $140m a year in revenues for the initial period.
Blackbird International operations head Daniel Naimi said: "We are most pleased with not only this joint venture but that this advances us in increasing our footprint in African countries.
"This is the first of more projects in Africa. Each project will increase our revenue stream with the result of multiplying substantially shareholder value."
The firm is likely to announce further contracts in the coming weeks.
South Africa, which has been facing an energy crunch, is presently dependent on fossil fuels such as coal for 77% of its energy mix; however, it intends to shift its focus to renewable energy sources, and has set a target for 18.2GW of green power generation.
More than $3.3bn has been allocated in the country for supporting power generation from alternate sources to fossil fuels.
According to Blackbird, almost 3,000km of the country’s coastline is ideal for wave energy production with WERPO’s technology.
South African Government intends to implement a series of power projects to make the optimum use of its coastline for meeting their alternative energy targets.