Finavera can now proceed with an array of environmental, technical and financial studies over the next three years to then apply to FERC for an operating licence for the project.
The outline design of the wave power project envisages an annual electricity output of 175GWh from its cluster of buoy-generators in the Pacific.
The sets - AquaBuOY units - will have a total capacity of 100MW spread over a site area expected to be less than 3 square miles, which would be about half that allowed for under the FERC preliminary permit.
Off the coast of Oregon, the company is planning to test the next generation of the patented buoys in an unrelated project to the wave power plant, which is being developed by its wholly owned subsidiary AquaEnergy Group.
