Ocean Power Technologies Gets First FERC License in U.S. for a Wave Power Station.

Ocean Power Technologies (OPT), of Pennington, New Jersey, announced that its wholly-owned Oregon subsidiary, Reedsport OPT Wave Park, LLC, has received approval from the U.S. Federal Energy Regulatory Commission (FERC) for the full build-out of its planned 1.5 megawatt, grid-connected wave power station off Reedsport, Oregon.

This is the first FERC license for a wave power station issued in the United States and provides an important regulatory approval for the deployment of up to ten (10) OPT devices generating enough electricity for approximately 1,000 homes. Construction of the initial PowerBuoyÆ is nearing completion and it is expected to be ready for deployment about 2.5 miles off the Reedsport coast later this year. OPT has received funding for this first system from the U.S. Department of Energy, with the support of the Oregon Congressional delegation, and from PNGC Power, an Oregon-based electric power cooperative.

Specifically, FERC has granted a 35-year license for grid-connected, wave energy production. This follows an extensive process of environment assessment, notifications to the public, assessment of Federal and State regulations, and consideration of a broad array of comments, recommendations and terms and conditions.

After the initial PowerBuoy is deployed, OPT plans to construct the balance of the wave power station, consisting of up to nine additional PowerBuoys and grid connection infrastructure, subject to receipt of additional funding and all necessary regulatory approvals.

Ocean Power Technologies is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable and clean and environmentally-beneficial electricity. (8/20/2012)

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