The unit features a 26m tall oscillating structure that sways back-and-forth below the ocean swell.
It will capture energy from the waves and convert it into electricity fed into the grid through an undersea cable.
The bioWAVE will automatically stop operating when large wave events or storms occur. It takes a horizontal position against the seabed to prevent damages.
The Australian Renewable Energy Agency (ARENA) has covered A$11m ($8.4m) of the A$21m ($16m) project financing.
BPS CEO Timothy Finnigan said: "Achieving practical completion of the bioWAVE is a major milestone in the development of this technology.
"We look forward to seeing it operating in the Southern Ocean, developing the next generation machine and exploiting the technology around the world."
The bioWAVE pilot, which is due for installation in November this year, is anticipated to operate for about a year.
The information collected from the project will pave the way for the design of a 1MW commercial-scale BioWave unit.
Image: The 250kW bioWAVE pilot demonstration unit features a 26m tall oscillating structure. Photo: courtesy of BioPower Systems.
