Ocean Power wins grant for wave project
Ocean Power said work on the 19 megawatt project, enough to power 10,000 homes, was expected to begin by the second quarter of 2010.
The company uses buoys floating up and down to drive an electrical generator, with the power generated being transmitted onshore via an underwater cable.
The project off the coast of Victoria is being carried out in conjunction with Leighton Contractors, a unit of Australian mining contractor Leighton Holdings.
The Australian government is aiming to generate 20 percent of the country's electricity from renewable sources by 2020 and the grant awarded to Ocean Power forms part of funding totaling $235 million for four renewable energy projects.
Ocean Power said, however, further funding would be needed to complete the wave power station.
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"I am probably one of the most optimistic people in this room," Liberal Premier Dwight Ball told the inquiry into the project's runaway cost and scheduling issues.
"I believe the future is optimistic for Newfoundland Labrador, of course I do. But I'm not going to sit here today and say we have an optimistic future because of the Muskrat Falls project."
Ball, who was re-elected on May 16, has been critical of…
