OPT Wave Farm in Spain Gets Operation & Maintenance Contract

Feb 2, 2007 RenewableEnergyAccess.com

The Ocean Power Technologies (OPT) wave power station to be constructed off the coast of the Cantabria region in northern Spain, which will use OPT's patented PowerBuoy technology, signed an operation and maintenance (O&M) contract following the signing of the engineering, procurement and construction (EPC) contract last July.

"The O&M agreement confirms the strong local foundation OPT has established with Iberdrola and our other Spanish partners, from which we aim to build several more OPT PowerBuoy wave power stations in Spain." Mark Draper, Chief Executive of Ocean Power Technologies Ltd.

With Iberdrola S.A. as its major shareholder, a company will be established to provide renewable wave energy to the Spanish grid will purchase the power station from OPT and is part of the O&M contract.

"The O&M agreement confirms the strong local foundation OPT has established with Iberdrola and our other Spanish partners, from which we aim to build several more OPT PowerBuoy wave power stations in Spain," said Mark Draper, Chief Executive of Ocean Power Technologies Ltd.

The EPC contract provides for the 'turnkey' construction and installation of a grid connected PowerBuoy system. Under the O&M agreement, OPT will be paid for the operation and regular maintenance of the wave energy plant for up to 10 years.