Swedish authority backs up massive renewable energy project.

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Swedish energy company Seabased Industry and Finnish power giant Fortum got one step closer to build the world’s biggest wave power plant on the Swedish west coast as the Swedish Energy Agency approved an 14-million-euro investment grant.

The planned full-scale wave power project is to be located near Smögen in the municipality of Sotenäs, southwest Sweden. Up to 500 units are to be interconnected in the plant and installed power will be approximately 10 MW. The plant will be the biggest of its kind in the world, the Swedish company said in a statement.

“The demonstration plant gives us, or the first time in full scale, the possibility to show that wave power can became a reliable and commercially interesting energy source”, Billy Johansson, chief executive officer of Seabased Industry.

The agency will contribute 14 million euro (139 million kronor) of the total investment of approximately 25 million euro.

The Swedish Energy Agency has been instructed by the Government to support and stimulate the development of commercially viable renewable energy production through investment support.