Ocean Power awards seabed survey job for 62.5-MW Aussie wave power system

Jun 25, 2013 - US firm Ocean Power Technologies Inc (NASDAQ:OPTT), or OPT, said Monday it had contracted Professional Diving Services (PDS) to conduct a seabed survey for its 62.5-MW wave power project in southeastern Australia.

The contract was awarded to Australia-based PDS by Victorian Wave Partners Pty Ltd, which has proposed to install the wave power system off the coast of Portland in the state of Victoria. Victorian Wave Partners is a unit of Ocean Power Technologies Australasia Pty Ltd, in which wave energy group OPT owns a 88% stake and Australian Woodside Petroleum Ltd (ASX:WPL) holds the 12%.

The Australian wave power project, valued at over AUD 230 million (USD 213m/EUR 162m), will be developed in three phases. Victorian Wave Partners has won an AUD-66.5-million grant from the Commonwealth of Australia for the project, the parent firm said.

When up and running, the 62.5-MW wave power facility is estimated to generate electricity for up to 30,000 households.

(AUD 1.0 = USD 0.926/EUR 0.705)

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