USA company, Ocean Power Technologies (OPT), announced it is terminating its plans to develop a wave energy project in Australia, writes Bloomberg.
OPT, a developer of wave energy generators, stated that the project off the coast of Victoria near the city of Portland, developed by its unit Victorian Wave Partners (VWP) is not “commercially viable.”
The company also confirmed it will return the AUD 66.46 million (USD 62.44 million) grant awarded by Australian Renewable Energy Agency (ARENA) for the development of the project.