Ocean Power Technologies, Inc. (Nasdaq: OPTT; OPT.L) has deployed its first wave-power generating buoy at a site approximately 3 miles off the coast of Santoña, Spain.
The PowerBuoy® is under contract with Iberdrola S.A. (IBR.MC), one of the world’s largest renewable energy companies, and is the latest milestone towards what the company hopes will be the world’s first commercial utility-scale wave power generation venture.
As planned, the wave power station will have a total of 10 PowerBuoys, supplying approximately 1.39 megawatts (MW) of electricity into Spain’s electricity grid.
The company did not say when it expects the power station to be built out to full capacity.
Other partners involved in the venture are Total S.A, the French energy giant; Sodercan, the industrial development agency of Cantabria; and IDAE, the energy agency of the Spanish government.
Mark R. Draper, Chief Operating Officer of OPT, said: "This deployment is of great significance to OPT and the wave power industry, demonstrating the commercial potential of our leading technology after a decade of in-ocean experience. We now look forward to the first supplies of electricity to the grid and the expansion of the wave power station."
The project began with OPT’s development of the Santoña site, followed by OPT’s receipt of the Engineering, Procurement and Construction (EPC) contract under which it would build and install the first PB40 PowerBuoy system, subsea power transmission cable and underwater substation and grid connection. In a subsequent agreement, OPT was also contracted for operations and maintenance (O&M) of the wave power station for up to 10 years.
A special purpose company with Iberdrola as its major shareholder and OPT as a 10% shareholder has also been established for the purchase of the wave power station and the O&M services from OPT.
PowerBuoys provide a minimal visual profile due to most of their structure being submerged. They are 7 meters in diameter at the sea surface, 20 meters in length and weigh approximately 60 tonnes. They have a design life of 30 years with standard maintenance recommended every three to four years.
The PB40 steelwork was fabricated by a local supplier in Santander, Spain, and the power take-off and control system was built at OPT’s facility in New Jersey, USA.
About Ocean Power Technologies
Ocean Power Technologies s a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean, and environmentally-beneficial electricity. The Company’s proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and converts predictable wave energy into low-cost, clean electricity. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK.
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