Ocean Power Technologies (OPT) received a A$66.5 million (US$61 million) grant from the Australian government to build a 19-MW wave power project off the coast of Victoria, Australia.
The money will be used to build a wave power station in three phases beginning in the second quarter of 2010. The project was one of four renewable energy projects selected by the federal government after considering more than 30 applications.
The 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,” said OPT Chairman George Taylor.
The project will generate enough power to serve about 10,000 Australian homes, OPT said.
The grant was announced by the Australian Resources & Energy Minister, Martin Ferguson, under the Renewable Energy Demonstration Program. The program, which has awarded A$235 million (US$219 million) to four renewable energy projects, was set up to meet Australia’s goal of generating 20 percent of the country’s electricity needs from renewable resources.
The company recently named Angus Norman chief executive of Ocean Power Technologies Ltd. in the United Kingdom. (HydroWorld 11/17/09)