U.S. wave energy developer Ocean Power Technologies (OPT) has signed an agreement with Australia infrastructure developer Leighton Contractors Pty Ltd. to develop wave power projects off Australia’s eastern and southern coasts.
Under contract with Leighton, OPT subsidiary Ocean Power Technologies (Australasia) Pty Ltd. is to identify potential project sites and assess their commercial prospects. A wave power assessment of the southern Australia coast recently found 170,000 MW of potential near-shore wave energy potential. (HNN 10/3/08)
Upon identification of projects to be developed, Leighton is to obtain approvals, negotiate power purchase agreements, structure project financing, and oversee project delivery and operation. OPT is to sell its PowerBuoy wave power stations to special purpose companies formed by Leighton for the projects.
Leighton Contractors employs more than 9,000 people and has A$9 billion (US$6.16 billion) in projects including ports and marine facilities, transportation infrastructure, and energy projects such as wind and offshore oil and gas.
�Leighton is an early mover in the rapidly developing market for renewable energy, and we are delighted they have decided to form an alliance with us, as the Australian appetite for renewable energy and carbon reduction strategies is increasing,� OPT Chief Executive Officer George W. Taylor said.
OPT recently installed a wave power generation unit in Hawaii under the company’s ongoing program with the U.S. Navy for installation of PowerBuoys off the U.S. Marine base at Kaneohe Bay. (HNN 11/17/08)