Finavera’s planned project will consist of four 250kW wave energy conversion buoys that are held in position with a catenary mooring system. Onsite construction of the plant is required within two years under the licence – the first that FERC has awarded for a hydrokinetic energy scheme, it said.

Construction of the project is to be completed within three years from the date of the licence award. The technology to be used is the company’s AquaBuOY system.

The project is being developed by US company Finavera Renewables Ocean Energy, Ltd under the conditional licence, which requires federal permits to be secured. The company is a wholly-owned subsidiary of Vancouver-based Finavera Renewables.

Though the licence award followed shortly after FERC’s new policy announcement on speeding up processing of hydrokinetic energy project licence applications, the Makah Bay decision was not done by that route. The application was in 2006 and was modified to a shorter, five-year, term in mid-2007.