OPT is engaging in a collaborative process in developing the Reedsport project. We believe this approach demonstrates our commitment to developing wave energy potential, which maximizes benefits to all stakeholders and demonstrates long-term sensitivity toward their concerns. OPT has signed an agreement, along with other Oregon stakeholders, for the responsible development of wave power in the State of Oregon. This agreement provides for OPT’s “adaptive management” and responsiveness to environmental conditions off the Oregon coast.
Ocean Power Technologies has been awarded a FERC License for Reedsport – the first license issued for a wave power station in the US.
OPT has received approval from the US Federal Energy Regulatory Commission (FERC) for the full build-out of this planned 1.5 megawatt, grid-connected wave power station.
This is the first FERC license for a wave power station issued in the United States and provides important regulatory approval for the deployment of up to ten OPT devices generating enough electricity for approximately 1,000 homes. Specifically, FERC has granted a 35-year license for grid-connected, wave energy production. This follows an extensive process of environment assessment, notifications to the public, assessment of Federal and State regulations, and consideration of a broad array of comments, recommendations, and terms and conditions.
The issuance of this license is an important milestone for the US wave energy industry as well as for OPT. It represents the culmination of thorough due diligence and consideration of input from a broad array of groups interested in the Reedsport project. In addition, the 35-year term of the license demonstrates the commercial potential of wave power, and this will support initiatives to secure financing for the project.
After the initial PowerBuoy is deployed, OPT plans to construct the balance of the wave power station, consisting of up to nine additional PowerBuoys and grid connection infrastructure, subject to receipt of additional funding and all necessary regulatory approvals.
Download a copy of the license.