OCEAN POWER/PACIFIC NORTHWEST TO DEVELOP OPT WAVE PARK IN ORGEGON.

Ocean Power Technologies, Inc (London Stock Exchange: AIM-OPT) and Pacific Northwest Generating Cooperative signed an agreement to work cooperatively on the development of the Reedsport OPT Wave Park located in Douglas County near Reedsport, Oregon. As part of the initial program, OPT expects to install its ocean-tested PowerBuoy systems initially generating a total of 2 MW approximately 2.5 miles off the coast at a depth of 50 meters. OPT has been issued a preliminary 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, …