A UK-based renewable energy company has received a $61 million grant from the Australian government to build the world’s first utility-scale wave power project.

Ocean Power Technologies will begin construction of the 19-megawatt project in the waters off Victoria in 2010. The project will provide enough electricity to power 10,000 homes.

Wave technology uses buoys riding up and down on waves to drive an electrical generator, and then sends the power ashore via underwater cable.

The project is part of a larger $218 million government investment in renewable energy that officials say will help Australia meet its goal of generating 20 percent of its electricity demands with renewable sources by 2020.

The other projects receiving government funds include two geothermal projects and a mini-grid that coordinates wind, solar, biodiesel and storage technologies.

Article appearing courtesy of Yale Environment 360

[photo credit: hippolyte photography]

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