The project is to be developed by a special-purpose Australian company, Victorian Wave Partners, owned by OPT.
Australia’s Department of Resources, Energy and Tourism had previously announced a A$66.5m grant to help fund the project. Terms of the grant require that the partners obtain significant additional project financing in order to receive it.
OPT and Lockheed Martin, among the largest US defence contractors, are pursuing power purchase agreements with local industry and utilities, and also “assessing” opportunities to raise additional financing, according to a statement.
