Ocean Power Technologies Signs Stakeholder Agreement for Oregon Wave Energy Project

Ocean Power Technologies, Inc. has signed a Settlement Agreement (SA) with 11 federal and state agencies and three non-governmental stakeholders for its utility-scale wave power project at Reedsport, Oregon.

This agreement represents a major step towards the grant of the first license issued by the Federal Energy Regulatory Commission (FERC) for a commercial-scale wave power project in the US. The SA supports the phased development by OPT of a 10-PowerBuoy 1.5 MW capacity wave energy station in a manner that protects ocean resources and stakeholder interests. (Earlier post.)

Manufacturing of the first 150 kW 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 wave energy SA 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.

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