SDE Energy Forms Joint Venture With Green Energy International

SDE Energy Forms Joint Venture With Green Energy International PR Newswire TEL AVIV, Israel, October 16, 2012 TEL AVIV, Israel, October 16, 2012 /PRNewswire/ -- SDE Energy Ltd., the world leader in the planning, construction and marketing of power stations which produce electricity from sea waves, has entered into a joint venture with Green Energy International ("GEI") for the development of a 50 MW sea wave power plant along the coastline of the Republic of Ecuador. The joint-venture company to be formed by SDE and GEI, SDE Ecuador, may also develop smaller sea wave power plants in different sites around the thGalapagos Islands. The Republic of Ecuador launched a feed-in-tariff (FIT) program on April 14 , 2011 under which the energy produced by the sea wave power plant(s) will be sold. The Republic of Ecuador, a South American country of 15 million people, aims to be a global leader in renewable energy. The Government of the Republic of Ecuador has offered to finance 60% of the costs involved in constructing a sea wave power plant. Ecuador's local energy authority, Consejo Nacional de Electricidad ("CONELEC"), will pay SDE Ecuador a fixed price of US 0.4477 cents per kWh for the energy produced by the sea wave energy power plant(s) for a contract term of 15 years. Reliance Partners, an independent investment bank headquartered in the United States of America, is securing the required financing for the sea wave power plant(s) that will be owned and operated by SDE Ecuador.