Ocean Power Technologies has gained approval from the Federal Energy Regulatory Commission for the complete build-out of its wave power station off the southern Oregon Coast, the first wave power station to be licensed in the U.S.
FERC granted a 35-year license for the wave power station to OPT subsidiary Reedsport OPT Wave Park, LLC. OPT said in a news release that construction of the first PowerBuoy® is almost completed and should be deployed 2.5 miles off the Reedsport coast later this year. After the first buoy is deployed, OPT will build up to 9 additional buoys and their grid connection infrastructure – assuming additional funding and the remaining regulatory approvals are obtained.
This first part of the project has received funds from DOE, with help from the Oregon congressional delegation, and PNGC Power, an Oregon-based electric power cooperative.
OPT announced its plans for the wave power station in early 2010. This week’s announcement follows comprehensive environmental impact assessments, public notifications, assessments of state and federal regulations and other elements of the approval process.
“The 35-year term of the license demonstrates the commercial potential of wave power, and this will support initiatives to secure financing for the project,” said Charles F. Dunleavy, OPT CEO.