Ocean Power Technologies Wins $60 Million Grant for Wave Power

PENNINGTON, NJ (Clean Edge) -- Ocean Power Technologies Australasia, a subsidiary of Ocean Power Technologies (OPTT Quote)recently announced that, in partnership with Leighton Contractors, it has received a A$66.46 million ($60.94 million) grant from the Federal Government of Australia to build a 19 MW wave power project off the coast of Victoria, Australia.

According to the company, 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.

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 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.

Clean Tech Resources

Clean Edge Stock Indices

Analysis & Reports

Clean Tech Jobs Board

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 19 MW wave power station.