Wave Hub Commercial Terms for Developers
Wave hub holds a 25-year lease of 8 sq kms of seabed from The Crown Estate and there are four berths available each measuring 1km by 2km.
Wave Hub will grant an underlease to customers for a term to be agreed. A berthing agreement will set down the respective responsibilities of Wave Hub and its customers.
Key points from the berthing agreement will include :
- Wave Hub will insure the Wave Hub system
- Wave Hub will enter into a Power Purchase Agreement to sell the electricity from the project into the UK trading system and will pay the proceeds to customers in proportion to their generation
- Wave Hub will provide validated data on the prevailing wave resource
- Wave Hub will co-ordinate collection of data to meet environmental monitoring obligations
- Customers will be responsible for insurance of devices, moorings and connecting cables, including third party liability
- Customers will be responsible for decommissioning of their devices and associated equipment.