Ocean Sun & MP Quantum Signed Agreement for Development of Floating Solar

Source: www.gulfoilandgas.com 3/30/2021, Location: Europe

Ocean Sun has signed an agreement with MP Quantum Group (MP) to develop floating solar based on Ocean Sun’s proprietary technology in Greece and the Republic of Cyprus.

“We are pleased to enter this collaboration with one of the most well-reputed business families in Greece. MP has a strong team and a good plan to realize utility scale floating solar in the region. The Alafouzos family has an impressive track record of successful businesses and we are honored to have them as ambassadors, developers and enablers of Ocean Sun floating PV systems” – Says Borge Bjorneklett, CEO and founder of Ocean Sun.

“Floating solar is an excellent fit for the energy markets in Greece and Cyprus, with good irradiation, water resources and a commitment from authorities to push for the renewable energy transition. Ocean Sun has a world leading solution for floating solar with its low capex and high- power output. In addition, the seaworthiness of the system enables deployment along our widespread shores and island communities.” - Says Yiannis Alafouzos, Chairman of MP Quantum Group

Being two of EU’s most southern countries, Greece and The Republic of Cyprus have excellent solar irradiance which provides good yield for solar power investments. Further, Greece’s National Energy and Climate Plan (NECP) has established ambitious renewable energy targets highlighting plans for 35% of the energy to be derived from renewable energy sources (RES) by 2030 and to phase-out lignite-based energy production by 2028. According to HELAPCO, a non-profit organization representing the major Greek PV companies, this implies an average of 400-500 megawatts (MW) of installed PV capacity per year until 2030. With long coast lines, islands and inland water reservoirs, this provides an excellent fit with floating solar.

The license agreement allows MP to develop floating solar using Ocean Sun’s proprietary technology in the region and sets the contractual framework for such projects. The intention of the parties is to develop utility scale floating solar, both on inland reservoirs and for ocean applications. A comprehensive plan for penetration of the market has been developed and MP is actively working with permits for larger project. First phase of the collaboration is a pilot system, for which permits shall be acquired within 2021.


Tanzania >>  7/4/2022 - - Two new solar power solutions launched at the Alliance for Renewable Energy’s flagship event in Tanzania
- Supporting long-term commitments to...

Albania >>  7/1/2022 - Voltalia, an international player in renewable energies, launches the construction of the Karavasta site, a 140-megawatt photovoltaic plant. The groun...

Macedonia >>  7/1/2022 - - €25 million EBRD loan to construct two large-scale solar power plants
- Redevelopment of coal mine sites to help decarbonise power sector in N...

Netherlands/Holland >>  7/1/2022 - One of the top firms in the world for renewable energy, RWE, has started up its first floating PV project. A total of 13,400 solar panels are part of ...

Philippines >>  7/1/2022 - A contract was signed between Shell Overseas Investments B.V. and Emerging Power Inc. (EPI), a subsidiary of Nickel Asia Corp. (NAC), a natural resour...
Sweden >>  7/1/2022 - Magnora’s portfolio company Helios has entered into its largest transaction to date and will divest four solar PV projects to a leading independent Eu...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.