New Jersey, United States [RenewableEnergyWorld.com] Ocean Power Technologies (Australasia) Pty Ltd (OPTA), a subsidiary of Ocean Power Technologies, Inc. (OPT) announced that it has signed an agreement with Leighton Contractors Pty Ltd (Leighton) to develop wave power projects off the east and south coasts of Australia.
The initial phase of work will be for OPTA and OPT to identify potential project sites and assess their commercial prospects, under contract from Leighton. Upon identification of projects to be developed, Leighton will obtain approvals, negotiate power purchase agreements, structure project financing and oversee project delivery and operation of the power stations. OPTA will sell its PowerBuoy wave power station to special purpose companies formed by Leighton for the projects.
“Leighton is one of Australia’s major infrastructure providers, with an annual turnover of several billion dollars. Its project development and delivery expertise will contribute to making the Australian market a major regional hub for the introduction and commercialization of OPT’s unique, ocean tested wave power technology. 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,” said Dr. George Taylor OPT’s CEO.