Makah Bay on track to become first full-scale U.S. wave energy plant

26 October 2006 — Finavera Renewables Ltd., a private Irish renewable energy company, announced the completion of a further significant step in developing the United States’ first commercial wave energy power plant.

The Makah Bay Offshore Wave Energy Pilot Project has now completed the Environmental Assessment process. This process, which is being developed through Finavera Renewables’ wave energy division and wholly owned subsidiary AquaEnergy Group Ltd., marks a significant milestone for wave energy development in the United States.

AquaEnergy is developing the Makah Bay Offshore Wave project to demonstrate the economic and environmental benefits of wave energy conversion power plants in utilizing ocean resources to generate renewable energy. Finavera Renewables said the research and demonstration of the AquaBuOY pilot plant would contribute to advances in the worldwide ocean energy industry.

The Makah Bay Wave Energy Pilot Project will consist of the AquaBuOY technology. AquaBuOYs are modular devices with a nameplate power rating of 250 kW, grouped together three miles offshore. A consortium formed for the project includes the Makah Indian Nation, Clallam County Public Utility District, Washington State University, Bonneville Power Administration through the Northwest Energy Innovation Center, Clallam County Economic Development Council and AquaEnergy.

Alla Weinstein, CEO AquaEnergy and the first President of the European Ocean Energy Association, said, “The successful installation of the proposed offshore energy power plant will herald the beginning of a new renewable energy industry sector, bringing ocean energy one step closer towards generation of clean, competitively priced electricity to commercial and residential consumers in Washington State and other coastal U.S. States.”