A London listed firm has installed a wave power device that is the precursor to a larger wave farm off the coast of Spain.
Ocean Power Technologies, which is also listed in New York, has deployed one of its 40 kilowatt PowerBuoys three miles off the coast of northern Spain.
The PowerBuoy is a column-like structure anchored to the sea floor that is topped by a floating buoy. As the buoy moves up and down with the waves it drives the electricity generator.
When completed, the wave farm, which will consist of ten larger versions of the installed PowerBuoy, will generate 1.39 megawatts.
While the deployment is not the first wave power scheme – that accolade belongs to a Pelamis wave farm off the coast of Portugal – it is still an important step in the industry.
OPT chief operating officer Mark Draper said: "This deployment is of great significance to OPT and the wave power industry, demonstrating the commercial potential of our leading technology after a decade of in-ocean experience."
The EU has set targets for 20 per cent of electricity to come from renewable sources by 2020.
