Victorian Wave Partners (VWP), a subsidiary of Ocean Power Technologies, has signed a revised agreement with the Australian Renewable Energy Agency (ARENA) for a A$66.5M grant to help build and deploy a 62.5MW wave power station off the coast of Victoria, Australia.

The new agreement includes the incorporation of milestones for each of the three stages of the project, acceleration of reimbursement of eligible expenses for stages one and two, and an increase in the number of milestones to better support project cash flow requirements. This agreement also recognizes the role of Lockheed Martin as the lead for systems integration of the PowerBuoys to be used in the project and overall program management.

"We are very grateful for the support of the Australian Government and ARENA during this process to make positive changes to the original Funding Deed," said Charles F. Dunleavy, CEO of OPT. "This new agreement significantly improves our ability to attract investors during the early stages of the project. We are also pleased to offer the prospect of manufacturing, engineering and maritime jobs in Victoria based on OPT’s unique and game-changing technology, at a time when more traditional manufacturing jobs are experiencing enhanced competitive pressures. We have been impressed with the commercial and results-oriented way in which ARENA has worked with us after assuming responsibility for a wide range of projects and programs last year."

Ivor Frischknecht, CEO of ARENA, added, "We are pleased to support development of the VWP demonstration project. It aligns with our vision of a society increasingly powered by competitive renewable energy as well as our commitment to sharing knowledge and information about our projects with the industry."

The wave power station has a total project value of A$232M, and at completion would be the largest of its kind in the world. It would feature 28 PowerBuoys connected to the grid by an underwater substation and a submarine cable.