REEDSPORT — The much-vaunted first wave energy buoy off the South Coast may not be finished this year, in part because of financial troubles.
In its third-quarter financial results, Ocean Power Technologies said “regulator, business and financial factors” may delay installation of its Mark 3 PowerBuoy off Reedsport beyond 2013. The company cited compliance with Federal Energy Regulatory Commission reporting requirements as one of the factors.
The project has suffered three major delays to date. The original installation was planned for late 2011, but OPT pushed back work until the summer of 2012.
When the company finally began installing the giant undersea anchors for the first buoy, inclement weather brought an end to work after only one of the three anchors had been placed.
And in February 2013, OPT reported that it could not locate the subsurface float meant to show the location of an anchor it had placed about 2.5 miles off Reedsport.
OPT planned to have a buoy operational by this spring. FERC issued OPT a 35-year license for the wave energy park in August. If completed, the park will be the first commercial wave energy operation in the U.S.