Contract Signed for First Powerbuoy at Oregon Wave Park

Ocean Power Technologies, Inc and PNGC Power recently signed an agreement under which PNGC Power will provide $500,000 in funding to OPT toward the fabrication and ocean installation of the first PowerBuoy® system at the Reedsport OPT Wave Park located in Douglas County near Reedsport, Oregon.

Under the contract, OPT will build and deploy a 150 kilowatt-rated non grid-connected PB150 PowerBuoy. The objective is to demonstrate the ocean wave resource and the performance of the PB150. Major portions of the system will be fabricated in Oregon and integrated near Reedsport.

This effort is the first phase of OPT’s project to install its ocean-tested PowerBuoy systems initially generating a total of 2 megawatts (MW) approximately 2.5 miles off the coast near Reedsport. 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 the Company plans to develop and operate the initial 2 MW grid-connected wave power park.

PNGC Power is a Portland, Oregon-based electric power cooperative serving 15 distribution cooperatives with service territory in seven western states. In addition to this agreement for the first PowerBuoy, PNGC will be supporting OPT in the permitting process and with on-shore power transmission for the project.

Dr. George W. Taylor, Chief Executive Officer of OPT, said, “PNGC Power makes an important contribution to the energy requirements of the Northwest, and we are very pleased to work with them in connection with the Reedsport OPT Wave Park. It is important that these initial phases of the project be done in close coordination with, and respect for, the various state and local organizations with interests in the wave park. PNGC has demonstrated that vision and practice, and we appreciate their cooperation and support.”

On February 15, 2007, OPT was issued a preliminary permit by FERC for the Reedsport project. An agreement previously signed by OPT and PNGC provides a framework under which PNGC and OPT may continue to work together in connection with the phased scale-up to a 50 MW wave power park. Specifically, PNGC Power will have the option to participate in ownership or power purchase in future commercial phases of the project.

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