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OPTA secures grant to build wave power project offshore Australia

Posted on: Mon, 09 Nov 2009 09:31:00 EST

Symbols: OPTT

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Nov 09, 2009 (Datamonitor via COMTEX) --
OPTT | Quote | Chart | News | PowerRating -- Ocean Power Technologies Australasia, a subsidiary of Ocean Power Technologies, has announced that, in partnership with Leighton Contractors, it has received a A$66.46 million grant from the federal government of Australia to build a 19MW wave power project offshore Australia.

The government funding will be used by Ocean Power Technologies Australasia (OPTA) and Leighton to advance the construction of a wave power station to be built in three phases off the coast of Victoria near the city of Portland, with a total expected capacity of 19MW, sufficient to fulfill the energy needs of approximately 10,000 homes.

The project is to be developed by a special purpose company, Victorian Wave Partners, which was formed by OPTA and Leighton following the signing of an agreement to collaborate in pursuing wave power projects off the east and south coasts of Australia. It is expected that work will begin on the project by the second quarter of calendar year 2010.

George Taylor, founder and executive chairman of Ocean Power Technologies, and CEO of OPTA, said: "We are delighted to have received this vote of confidence from the Australian federal government, which has taken a bold step to spur adoption of renewables and wave energy in particular.

"Our Victoria, Australia project is expected to be one of the first utility-scale wave energy projects globally, and the latest example of OPT's lead in turning wave energy technology into a commercial reality worldwide."

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