Agreement to Develop Wave Power Park in Oregon

OPT expects to install its ocean-tested PowerBuoy systems -- initially generating a total of 2 megawatts (MW) -- approximately 2.5 miles off the coast at a depth of 50 meters. OPT has been issued a preliminary permit by the Federal Energy Regulatory Commission (FERC) for up to 50 MW of capacity at the site, and plans to develop, own and operate the initial 2 MW wave power park.

In addition to supporting OPT in the permitting process and power transmission for the project, PNGC Power will work cooperatively with OPT to pursue a power purchase agreement (PPA), under which PNGC Power would purchase the electrical energy output of the 2 MW wave power park from OPT. PNGC Power plans to provide a significant portion of the funds required to fabricate and install the first PowerBuoy at the Reedsport site.

Further, PNGC Power will provide its expertise regarding grid interconnection and its experience in meeting the standards of the Bonneville Power Administration, which operates much of the region's power system.

Dr. George W. Taylor, Chief Executive Officer of OPT, said: "We are pleased that PNGC Power has pledged their support for this project and to be working cooperatively with them. PNGC Power has demonstrated the vision and leadership to harness our Earth's most powerful and consistent natural resource -- the ocean."

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