Wave Energy For Spain Keeps Moving Forward

Spain has long looked to the ocean for wealth and power- today that wealth and power is more literal. Ocean Power Technologies (OPT), one of the fastest growing in the new field of generating renewable energy from ocean waves, has announed it entered into an operation and maintenance contract (PDF) with the Cantabria region in northern Spain. The contract solidifies an already strong relationship, and allows for OPT to be paid for operating and maintaining the grid power buoy system for 10 years. It was announced that OPT will also sell the associated power plant that handles and distributes the energy generated. A new company was formed to purchase this power plant, the shares of the new company are distributed between Total S.A., OPT, the industrial development agency of the Spanish region of Cantabria, and the energy agency of the government of Spain. This transition illustrates a model for how Ocean Power Technology can build, sell and achieve a renewable energy system directly connected to the grid that helps not only the environment, but the local economy. ::Ocean Power Technology

Tags: Alternative Energy | Spain

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