In August 2010, OPT announced that it had signed a groundbreaking Settlement Agreement (“SA”) with 11 federal and Oregon state agencies and three non-governmental stakeholders for its utility-scale wave power project at Reedsport. FERC gave strong consideration to the agreements set forth in the SA in determining key provisions of the license. The SA supports the responsible, phased development by OPT of a 1.5 megawatt wave energy station in a manner that protects ocean resources and stakeholder interests. It covers a broad array of resource areas including aquatic resources, water quality, recreation, public safety, crabbing and fishing, terrestrial resources, and cultural resources. The SA includes an innovative Adaptive Management Plan that will be used to identify and implement environmental studies that may be required, and to provide a blueprint for the application of this new information as the wave power station develops.After the initial PowerBuoy is deployed, OPT plans to construct the balance of the wave power station, consisting of up to nine additional PowerBuoys and grid connection infrastructure, subject to receipt of additional funding and all necessary regulatory approvals.
Ocean Power Technologies Awarded FERC License For Oregon Wave Power Station
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