The initial phase of work will be for Ocean Power Technologies Australasia (OPTA) and its parent, Ocean Power Technologies (OPT), to identify potential project sites and assess their commercial prospects, under contract from Leighton.
OPTA said that 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.
Also the company will sell its PowerBuoy wave power station to special purpose companies formed by Leighton for the projects.
George Taylor, CEO of OPT, said: “Leighton’s project development and delivery expertise will enhance in making the Australian market a regional hub for the introduction and commercialization of OPT’s ocean tested wave power technology.”
Ocean Power Technologies is engaged in wave-energy technology that harnesses ocean wave resources to generate clean and environmentally-beneficial electricity. The company claims to participate in a $150 billion renewable energy market. The company is also recognized as a provider of on-grid and autonomous wave-energy generation. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK.
