Eco Wave Power signs letter of intent with Wavefront Asset Management

Under the LOI, Wavefront is expected to provide structured equipment financing and leasing solutions to support the deployment of Eco Wave Power’s proprietary wave energy generation equipment across its global project portfolio. The arrangement is intended to facilitate customer access to flexible financing solutions for wave energy installations, supporting Eco Wave Power’s transition from pilot and demonstration projects to commercial scale deployments.

Pursuant to the LOI, Eco Wave Power may, at its sole discretion, introduce customers interested in financing wave energy equipment to Wavefront. Wavefront is expected to act as a funder and lessor, acquiring Eco Wave Power equipment and leasing it directly to customers under medium-term finance lease arrangements, subject to customary due diligence and credit approvals.

Wavefront’s contemplated financing solutions may cover up to 100% of equipment costs and may also include installation costs and staged payments, depending on customer profile and transaction structure. Transaction sizes may range from small to large scale financings, enabling flexibility across different project sizes, markets, and geographies.

In addition, Wavefront is expected to support Eco Wave Power’s commercial efforts by providing leasing quotations and application documentation, participating in customer discussions upon request, conducting credit evaluations, issuing lease documentation, and administering lease agreements throughout their lifecycle.

The LOI has an initial term of 36 months and reflects the parties’ intention to collaborate on providing efficient and scalable financing solutions for Eco Wave Power’s customers worldwide. Except for certain customary provisions, the LOI is non-binding, and any financing transactions will be subject to definitive agreements between Wavefront and the relevant customers.

“Access to tailored financing solutions is critical for accelerating the deployment of renewable energy infrastructure,” said Inna Braverman, CEO and Founder of Eco Wave Power. “This LOI supports our strategy of reducing financing barriers for customers while advancing the commercialisation of wave energy. As our global project pipeline continues to grow, we believe collaborations such as this can play an important role in enabling the transition from demonstration projects to commercial scale installations.”

“We are pleased to enter into this Letter of Intent with Eco Wave Power,” added Kevin Swannack, Director for Wavefront Asset Management. “Eco Wave Power’s technology represents an innovative and practical approach to marine renewable energy and aligns well with our focus on financing environmental and sustainable maritime assets. Through this collaboration, we aim to provide flexible and efficient financing solutions that can support customers deploying wave energy equipment across a range of project sizes and geographies.”

Wavefront Asset Management is dedicated to providing finance for businesses investing in environmental equipment across multiple industries, including the maritime, ports, and energy sectors. Based in the UK and operating globally, Wavefront manages a significant portfolio of financed assets backed by institutional capital, with a management team experienced in banking and maritime operations.

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Read the article online at: https://www.energyglobal.com/other-renewables/12022026/eco-wave-power-signs-letter-of-intent-with-wavefront-asset-management/