Israel's Yam Pro Energy Signs a 180 Million USD MOU
The initial phase will be 10 MW and expanding thereafter. The partnership will be between Yam Pro, a local partner and SP with the responsibility to raise the finances.
12 January 2018
Yam Pro Energy from Israel signed an MOU with Shapoorji Pallonji Group, the owners of the TATA Group, to build a wave energy power station in Ghana. To be completed in the upcoming three years at a scope of 150 MW generation ($180,000,000). The initial phase will be 10 MW and expanding thereafter. The partnership will be between Yam Pro, a local partner and SP with the responsibility to raise the finances.
Zeev Peretz and Laser Rothshtein, the joint CEO's of Yam Pro, have released a joint statement: "We are very excited today reaching such a substantial milestone as one of the largest EPC companies in the world is giving confidence in our technology and company and are willing to start a cooperation in Ghana. We are hoping this will be a start of a global cooperation with SP that we can together revolutionize the energy market around the world."
About Shapoorji Pallonji Group: (SP Group) is an Indian business conglomerate in India with a turnover of $4.2Billion USD and has a workforce of 60,000. The promoters of the group are the largest individual shareholders in Tata Sons, the holding company of the Tata Group. They hold 18% and are the second largest shareholder in the Tata Group.
About Yam Pro Energy: Yam Pro Energy YPE is an Israeli-based renewableenergy company, subsidiary of Shahar Energy that was founded by Mr. Zeev Peretz and Mr. Laser Rothstein specializing in building Solar energy power stations in Germany and Israel. The company have patented ocean wave energy technology that convert wave energy to electric energy, it is the best cost-effective technology as reported on CNN. It is a proven technology and the system run as pilot system for over a year in Jaffa port. The company have strong management with experience in industry, energy production, and international business. The company has a subsidiary in Scotland with local partners. The Scottish company has secured agreements with a number of ports to build projects on the ports docks and started Front End Engineering studies. We anticipate building 63 MW in the UK (83 million GBP) in the next three years.
Photo caption: Right: Zeev Peretz, Law school graduate, 30 years of experience of management public and private, commercial and industries companies. Left: Laser Rothstein 30 years of experience in technological development in the field of HiTech and in renewable energy market. (PRNewsfoto/Yam Pro Energy).