Portugal is set to take a decisive step in renewable energy leadership following the announcement that CorPower Ocean has secured €40 million from the EU Innovation Fund to develop VianaWave, a pre-commercial 10MW wave energy farm off the country’s northern coast. The initiative marks one of the most significant investments in wave power in Europe and could play a crucial role in meeting Portugal’s target of 200MW of installed wave energy capacity by 2030, as outlined in its National Energy and Climate Plan.
VianaWave will deploy a CorPack of 30 Wave Energy Converters (WECs), designed to generate around 30GWh of clean electricity annually enough to power approximately 7,500 homes while avoiding thousands of tonnes of greenhouse gas emissions. Operations are expected to begin between 2028 and 2029, transitioning the technology from successful pilot demonstrations to the first stage of commercial deployment.
The project builds on the results of CorPower’s HiWave-5 demonstrator, which tested and validated its technology under real ocean conditions. This move from pilot scale to pre-commercial rollout is seen as a critical milestone for the wave energy sector, signaling growing confidence in the technology’s readiness for market.
Wave energy has long been considered one of the most promising yet under-utilized forms of renewable power. According to the EU-funded EVOLVE study, Portugal alone has an estimated 15GW of potential wave energy resources, enough to make it a global leader in the field. By harnessing just a fraction of this, the country could significantly strengthen its energy independence and meet climate targets while fostering innovation and economic growth.
Beyond generating clean electricity, the VianaWave initiative promises substantial benefits for the local economy. Around 75% of the project’s lifetime value is expected to be spent within Portugal, supporting investment in engineering, manufacturing, construction, and operations. This will include expanding electrical infrastructure in Agucadoura and Póvoa de Varzim, as well as developing CorPower Ocean’s operational base at the Port of Viana do Castelo.
 
Economy