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19 April 2006 - A company currently developing the world's first commercial facility that will generate electricity from offshore ocean waves is to use further capital provided by GE's Technology Lending unit.
The UK based Ocean Power Delivery (OPD) will see its loan facility with the Lending unit and GE Energy Financial Services extended to $2.6m. Additionally, GE will take an equity position as part of OPDs bid to raise $22.5m.
OPD developed the Pelamis Wave Energy Converter, which generates 750 kW of electricity from offshore wave motion. The company's first order is from a Portuguese consortium that will install the system to generate enough electricity to meet the demands of more than 14 000 Portuguese homes whole saving more than 40 000 tonnes of carbon dioxide emissions per year, compared to equivalent fossil fuel generation.
OPD expects to install and commission the first stage of the project during the summer of 2006.
"Renewable energy is of global importance, and GE's commitment helps us to develop and commercialize new and improved wave energy technology," said Richard Yemm, managing director of OPD. "We look forward to exploring additional opportunities with GE's cleaner energy initiatives."
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