The settlement agreement supports the phased development by OPT of a 10-PowerBuoy, 1.5MW capacity wave energy station. Manufacturing of the first 150kW PB150 PowerBuoy is already underway at Oregon Iron Works under its contract with OPT. The 10-buoy wave farm is expected to be connected to the grid after receipt of the FERC license and additional funding.

This first-ever wave energy settlement agreement was reached after extensive technical, policy, and legal discussions regarding appropriate prevention, mitigation and enhancement measures, and study requirements. It covers a broad array of resource areas including aquatic resources, water quality, recreation, public safety, crabbing and fishing, terrestrial resources, and cultural resources. The agreement includes an innovative Adaptive Management Plan that will be used to identify and implement environmental studies that may be required, and to provide a blueprint for the application of this new information as the wave power station develops.

“The Settlement Agreement is a groundbreaking document that demonstrates the State’s commitment to partnering with the private sector and coastal communities to explore how we can tap into the renewable resource of ocean waves to power our communities,” said Oregon Governor, Ted Kulongoski. “The manufacture of the first buoy has already created dozens of green-energy jobs in Oregon and when the 10-buoy wave power project is built, a whole new industry will be created to benefit our coastal communities.”

Dr. George W. Taylor, Executive Chairman of OPT, added: “This agreement shows how the private sector can work together effectively with federal, state, municipal and local groups to attain important common goals of sustainable development. I commend the State of Oregon, the City of Reedsport, and all of the stakeholders for supporting the use of OPT’s innovative wave power technology as it transitions to a fully commercial product.”