Wave farm investment

The Australian subsidiary of Ocean Power Technologies has received A$66.46m from the Australian government to build a 19MW wave farm off the coast of Victoria.


The Australian subsidiary of Ocean Power Technologies has received A$66.46m (£36.76m) from the Australian government to build a 19MW wave farm off the coast of Victoria.



The money is expected to fund the construction of a wave power station capable of supplying energy for around 10,000 homes. Construction will take place in three phases and is due to begin in the second quarter of 2010.



The project will be in partnership with Leighton Contractors and will be conducted through Victorian Wave Partners, a special-purpose company formed by Ocean Power Technologies Australasia (OPTA) and Leighton following the signing of an agreement in December 2008.



It is one of four renewable energy projects approved by the Australian government, which has invested around A$235m in four renewable energy projects to help reach its target of generating 20 per cent of its energy from renewable sources by 2020.