Ocean Power Technologies Snags $60M for Wave Project

Nov 10 2009 | 5:43pm ET

Ocean Power Technologies Australasia, a subsidiary of Ocean Power Technologies, in cooperation with Leighton Contractors has received $60.94 million from the Australian government for a wave power project.The project is one of four renewable energy projects approved for funding by the Australian government, and the only wave energy venture.

OPTA and Leighton say they will use the funding 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 supply the energy needs of approximately 10,000 homes. The project is to be developed by a special purpose company, Victorian Wave Partners Pty Ltd, formed by OPTA and Leighton to collaborate in pursuing wave power projects off the east and south coasts of Australia. Work on the project should begin in Q2 2010.

The award was announced by the Australian Resources & Energy Minister, Martin Ferguson, under the Renewable Energy Demonstration Program (REDP), which has awarded funding totaling A$235 million ($215 million) to four renewable energy projects, aimed at meeting the government's target of generating 20% of the country’s energy needs from renewable sources by 2020.

According to the companies, Victorian Wave Partners will be required to seek additional funding to enable the completion of the 19MW wave power station.

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