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22 February 2007 -- Ocean Power Technologies, Inc (OPT) and Pacific Northwest Generating Cooperative (PNGC Power) have signed an agreement to work cooperatively on the development of the Reedsport OPT Wave Park located in Douglas County near Reedsport, Oregon.
As part of the initial program, OPT expects to install its PowerBuoy systems initially generating a total of 2 MW approximately 2.5 miles off the coast at a depth of 50 meters. OPT has been issued a preliminary permit by the U.S. Federal Energy Regulatory Commission (FERC) for up to 50 MW of capacity at the site, and plans to develop, own, and operate the initial 2 MW wave power park.
In addition to supporting OPT in the permitting process and power transmission for the project, PNGC Power will work cooperatively with OPT to pursue a power purchase agreement, under which PNGC Power would purchase the electrical energy output of the 2MW wave power park from OPT. Further, PNGC Power will provide its experience in grid interconnection and in meeting the standards of the Bonneville Power Administration, which operates much of the region's power system.
PNGC Power plans to provide a portion of the funds required to fabricate and install the first PowerBuoy at the Reedsport site. The agreement also provides a framework under which PNGC and OPT may continue to work together in connection with the phased scale-up to a 50 MW wave power park. Specifically, PNGC Power will have the option to participate in ownership or power purchase in future commercial phases of the project. PNGC Power also plans to work with other utilities to increase participation in this first-of-a-kind project in Oregon.
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