Ocean Power Technologies, Inc. (Nasdaq: OPTT; OPT.L) has signed a Settlement Agreement (SA) with 11 federal and state agencies and three non-governmental stakeholders clearing the way for its utility-scale wave power project at Reedsport, Oregon.
The agreement represents a major step towards the grant of the first-ever license issued by the Federal Energy Regulatory Commission (FERC) for a commercial-scale wave power project in the US. The SA supports the responsible, phased development by OPT of a 10-PowerBuoy®, 1.5-megawatt (MW) capacity wave energy station in a manner that protects ocean resources and stakeholder interests. Manufacturing of the first 150 kilowatt PB150 PowerBuoy is already underway at Oregon Iron Works under its contract with OPT.
The 10-buoy wave farm is expected to be connected to the grid after receipt of the FERC license and additional funding, supplying clean energy to approximately 1,000 homes.
This first-ever wave energy SA was reached after extensive technical, policy, and legal discussions regarding appropriate prevention, mitigation and enhancement measures, and study requirements. 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.
Oregon Governor, Ted Kulongoski, said: “The Settlement Agreement is a groundbreaking document that demonstrates the State’s commitment to partnering with the private sector and coastal communities to explore how we can tap into the renewable resource of ocean waves to power our communities. The manufacture of the first buoy has already created dozens of green energy jobs in Oregon and when the 10-buoy wave power project is built, a whole new industry will be created to benefit our coastal communities.”
Dr. George W. Taylor, Executive Chairman of OPT, said: “This development will help pave the way for the United States to retain a technological advantage in wave power, an advantage that has been ceded to other countries that produce solar panels and wind turbines. Wave energy has the potential to create manufacturing jobs in America, while providing low-cost clean, environmentally benign electricity to help replace the use of fossil fuels.”
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