Swedish firm Eco Wave Power (EWP) entered into the agreement for the potential construction in Ordu, Turkey, starting with a small pilot project.

EWP said that if it proves viable, the estimated $150 million power station would be Turkey's first grid-connected tidal energy station, and upon completion, would be the biggest in the world.

Anchored to structures such as jetties or seawalls, the rising and falling motion of the waves powers hydraulic pistons inside the metal hulls—called "floaters"—which in turn powers a turbine on land which then sends energy to the grid via an inverter.

According to the terms of the agreement, government-owned Ordu Enerji will assign nine potentially suitable breakwaters to EWP for a period of 25 years from activation of the relevant pilot or power station.

"Subject to certain conditions, including, among others, receiving favorable results from feasibility studies and receipt of applicable licenses and permits, the 77 MW power station is planned to be constructed in several stages, starting with an up to 4 MW pilot station, and continuing with the construction, operation, and maintenance of the remaining capacity of the plant of up to 73MW," said the company.

Eco Wave Power will be responsible for constructing, and commissioning the power plants and selling the electricity to be generated by the power plant in accordance with an approved production quota to be determined for the site.

EWP has a grid-connected power station at Israel's Port of Jaffa and ran a demonstration plant in Gibraltar for six years.