22nd Feb 2007 08:01
Ocean Power Technologies, Inc ("OPT", or the "Company") (LSE:OPT)and Pacific Northwest Generating Cooperative ("PNGC Power") arepleased to announce that they have signed an agreement to workcooperatively on the Company's development of the Reedsport OPT WavePark located in Douglas County near Reedsport, Oregon. As part of theinitial program, OPT expects to install its ocean-tested PowerBuoy(R)systems initially generating a total of 2 MW approximately 2.5 milesoff the coast at a depth of 50 meters. OPT has been issued apreliminary permit by the 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. £ PNGC Power is a Portland, Oregon-based electric power cooperativeserving 15 distribution cooperatives with service territory in sevenwestern states. In addition to supporting OPT in the permittingprocess and power transmission for the project, PNGC Power will workcooperatively with OPT to pursue a power purchase agreement, underwhich PNGC Power would purchase the electrical energy output of the2MW wave power park from OPT. Further, PNGC Power will provide itsexpertise regarding grid interconnection and its experience in meetingthe standards of the Bonneville Power Administration, which operatesmuch of the region's power system. £ Dr. George W. Taylor, Chief Executive Officer of OPT, said: "Weare pleased that PNGC Power has pledged their support for this projectand to be working cooperatively with them. PNGC Power has demonstratedthe vision and leadership to harness our Earth's most powerful andconsistent natural resource -- the ocean." £ "As PNGC Power strives to maintain competitive prices and reliableservice for its members we are increasingly looking at promising newtechnologies to meet load growth," said PNGC Power President and ChiefExecutive Officer, John Prescott. "Our participation in thedevelopment of the Reedsport OPT Wave Park demonstrates our membercooperatives' commitment to explore alternative energy resources tomeet customer needs into the future." £ PNGC Power plans to provide a significant portion of the fundsrequired to fabricate and install the first PowerBuoy at the Reedsportsite. The agreement also provides a framework under which PNGC and OPTmay continue to work together in connection with the phased scale-upto a 50MW wave power park. Specifically, PNGC Power will have theoption to participate in ownership or power purchase in futurecommercial phases of the project. PNGC Power also plans to work withother utilities to increase participation in this first-of-a-kindproject in Oregon. £ On February 15, 2007, OPT was issued a preliminary permit by FERCfor the Reedsport project. The Company has already begun consultationwith key stakeholder groups and will continue to work closely withthese groups over the initial stages of the project. In September 2006Oregon Governor Ted Kulongoski appointed an Oregon Solutions Team tohelp expedite the development and licensing of the Reedsport OPT WavePower Park. £ About Ocean Power Technologies, Inc. £ Ocean Power Technologies, Inc. develops and is commercializingproprietary systems that generate electricity by harnessing therenewable energy of ocean waves. The Company's PowerBuoy(R) system isbased on modular, ocean-going buoys, which have been ocean tested fornearly a decade. £ About PNGC Power £ PNGC Power is a Portland-based electric power services cooperativeowned by 15 Northwest electric distribution cooperative utilities withservice territory in seven western states (Oregon, Washington, Idaho,Montana, Utah, Nevada and Wyoming). The company creates value for itsmember systems by providing sophisticated power management, technicalinnovation and cutting edge customer services and products. PNGC Powermembers: Blachly-Lane Electric Cooperative, Central ElectricCooperative, Inc., Clearwater Power Company, Consumers Power Inc.,Coos-Curry Electric Cooperative, Inc., Douglas Electric Cooperative,Fall River Rural Electric Cooperative, Lane Electric Cooperative,Inc., Lost River Electric Cooperative, Northern Lights, Inc., RaftRiver Rural Electric Cooperative, Inc., Okanogan County ElectricCooperative, Inc., Salmon River Electric Cooperative, Inc., UmatillaElectric Cooperative, West Oregon Electric Cooperative, Inc. Moreinformation about PNGC Power can be found at www.pngcpower.com. Copyright Business Wire 2007Related Shares:
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