Financial Soultions: Australian government OK’s first wave power generation project.

PR Log (Press Release) – Nov 08, 2009 – Financial Soultions has learned that the Australian government has recently awarded a $61 million grant to Ocean Power Technologies, a renewable energy company for a venture likely to be one of the first to generate power from waves on a utility scale globally and certainly the first for Australia.

The New York and London listed Ocean Power has announced that work on the mammoth project was likely to begin in the 2nd  quarter of 2010, and on completion the wave generation project would deliver 19 megawatts, or enough energy to power 10 000 homes.

The proposed technology would entail a series of offshore buoys floating up and down on waves and driving electrical generators connected to an undersea cable delivering the power to the shore, Financial Soultions understands.

One of Australia’s leading mining contractors, Leighton Contractors would be assisting Ocean Power Technologies with the project off the southern coast of Victoria.

Financial Soultions has been informed that a target of 20% of Australia’s electricity should be from renewable sources by 2020 with the latest grant to Ocean Power being a portion of A$235 million budget earmarked for four renewable energy developments.

Ocean Power has further announced that extensive further funding will still be required to se the project through to completion of the wave power generator.

Ocean Powers stock price rose dramatically on exchanges on both sides of the Atlantic following the announcement.