AUSTRALIA INVESTS IN WAVES

Ocean power Technologies Project Wins A $66.5M Award From Australian Federal Government
November 6, 2009 (BusinessWire via Ocean Power Technologies)

"Ocean Power Technologies…in partnership with Leighton Contractors Pty Ltd…has received a A$66.46 million grant from the Federal Government of Australia to build a 19 MW wave power project off the coast of Victoria, Australia.

"The award is one of four renewable energy projects approved by the Federal Government after considering over 30 applications, and is the sole wave energy venture."

click to enlarge

"The Government funding will be used by 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 19 MW – 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 Pty Ltd, that was formed by OPTA and Leighton…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."

[Dr. George W. Taylor, founder/Executive Chairman, OPT/Chief Executive, OPTA:] “We are delighted to have received this vote of confidence from the Australian Federal Government…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.”

Artist's concept of a Powerbuoy installation. (click to enlarge)

"…[The Australian] Renewable Energy Demonstration Program (REDP)…awarded funding totaling A$235 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…Victorian Wave Partners will be required to seek additional funding to enable the completion of the 19 MW wave power station…

"Ocean Power Technologies, Inc. is a pioneer in wave-energy technology…The Company's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into low-cost, clean electricity…Leighton Holdings Limited is the parent company of Australia’s largest project development and contracting group…Leighton Contractors is committed to becoming a leader in the renewable energy sector and has been involved in a number of sustainable energy projects in recent years, including the design and construction of numerous wind farms, biofuel projects and clean power stations…"