www.brisbanetimes.com.au
November 6, 2009
Ocean Power Technologies and Leighton Contractors have taken another step forward in the construction of a 19 MW wave power project off the coast of Victoria. The Federal Government today awarded the companies $66.46 million in funding to build the power plant that harnesses ocean waves to generate electricity. "It's a huge step forward," said OPT (Australasia) director Gilbert George. "It's great to see the Federal Government recognising that we have the technology that will make a difference - and that wave energy has great potential."
The demonstration wave power station will be built in three stages off Portland, with capacity gradually rising to 19 MWs - enough to supply about 7000 homes with power. OPT's wave power technology uses buoys that ride waves, converting their natural energy into electricity, promoting a technology that could ease carbon emissions while powering cities and industries. Today's funding was announced as part of the Renewable Energy Demonstration Program, aimed at meeting the Government's goal supply 20 per cent of energy from renewable sources by 2020.
The goal of the Victorian project is to show the commercial and technological viability of wave power to government, investors and industry, Mr George said. The 5-6 year project would incorporate community consultation and studies to determine the exact location, said Mr George. "We don't need a huge amount of area." OPT will meet the Federal Government next week to conclude a funding deed which lays out the conditions of the final approval for the project, and later will seek debt and equity funding.
Mr George said OPT, which licenses the technology, and Leighton plan to begin work on the project by the second quarter of 2010. OPT, listed in the US and UK, was co-founded by chairman George W. Taylor. The Perth-born inventor currently serves as OPT's chairman. The company generated about $US 4 million last year.
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