Ocean Power Technologies not so swell at delivering projects
BY:GILES PARKINSON From: The Australian November 09, 2009 12:00AM
THE US company chosen by the Rudd Government to build a $200 million flagship wave energy facility in Victoria has been accused by its own broker of being unable to deliver its projects.
Ocean Power Technologies, which is to develop the 19 megawatt plant in conjunction with Leighton Contractors and is backed by oil and gas giant Woodside Petroleum, was the surprise choice for a $66.5m grant, beating Australian rivals Carnegie Wave Energy, BioPower and Oceanlinx.
OPT was criticised by Collins Stewart, its sponsoring broker on London's Alternative Investment Market, last year because of delays and cost over-runs at a wave project in Spain.
Collins Stewart broker Raymoned Greaves told The Times last July that OPT had a "total inability to deliver" on projects. "The continued delays baffle us," he was quoted as saying.
Ironically, OPT has been commissioned to build the project at Portland, where an earlier version of its PowerBuoy technology was scrapped after part of the machine snapped off while being towed into place by an ocean tug in 2002. That installation was funded by the Victorian and federal governments.
Keep on giving them the benefit of the doubt AND taxpayers money?