This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Ocean Power Technologies Project Wins A $66.5m Award from Australian Federal Government 2009-11-06 11:50 ET - News Release
PENNINGTON, N.J. -- (Business Wire)
Ocean Power Technologies (Australasia) Pty Ltd (“OPTA”), a subsidiary of
Ocean Power Technologies, Inc. (NASDAQ:OPTT)(LSE:OPT) (“OPT”) is pleased
to announce that, in partnership with Leighton Contractors Pty Ltd
(“Leighton”), it has received a A$66.46 million grant from the Federal
Government of Australia to build a 19 MW wave power project off the
coast of Victoria, Australia.
The award is one of four renewable energy projects approved by the
Federal Government after considering over 30 applications, and is the
sole wave energy venture.
The Government funding will be used by OPTA and Leighton to advance the
construction of a wave power station to be built in three phases off the
coast of Victoria near the city of Portland, with a total expected
capacity of 19 MW – sufficient to fulfill the energy needs of
approximately 10,000 homes. The project is to be developed by a special
purpose company, Victorian Wave Partners Pty Ltd, that was formed by
OPTA and Leighton following the signing of an agreement (as announced
December 19, 2008) to collaborate in pursuing wave power projects off
the east and south coasts of Australia. It is expected that work will
begin on the project by the second quarter of calendar year 2010.
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