Wragge & Co advises Ocean Power Technologies on marine energy project
Wragge & Co LLP Energy Infrastructure team has advised Ocean Power Technologies Limited (OPT) on a berth agreement with the European Marine Energy Centre (EMEC). The agreement will allow OPT to install its PowerBuoy® wave-energy device at EMEC's facility in Orkney, Scotland.
Once installed at the EMEC facility, the device will capture wave energy and convert it into clean and sustainable electricity. The EMEC facility will allow OPT to export up to 2 MW of electricity to the national grid.
Energy specialist Gus Wood and partner Derek Goodban worked closely with Paul Jordan, business development director at OPT. DLA Piper advised EMEC.
Gus Wood said: "This agreement continues to build on Wragge & Co's wide-ranging experience in the renewable energy sector. OPT is at the forefront of developing technologies able to harvest wave energy. We look forward to working with the team on future projects."
Paul Jordan said: "Wragge & Co provided excellent legal advice and support throughout the process and we are delighted to have now signed the berth agreement with EMEC."
OPT is a pioneer in wave-energy technology. It harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. The PowerBuoy® is designed to convert ocean wave energy into electrical power for utility-scale grid connected applications. OPT is based in Warwick. Its US parent company is headquartered in New Jersey and listed on both NASDAQ and AIM.
Wragge & Co's dedicated cross-firm Energy Infrastructure team comprises experts in regulatory, construction, corporate, real estate and finance. Its lawyers deliver practical and commercial solutions to clients including generators, distributors, suppliers, traders, customer bodies, trade associations and customers. With in-depth knowledge of the energy sector and wide-ranging experience, the team is recognised nationally.
Latest projects including advising Associated British Ports on a flagship combined heat and power energy deal for the Port of Southampton, and advising E.ON UK on three long-term agreements to purchase electricity and associated benefits from project-financed windfarms. The team regularly works with leading clients in the energy sector, including Welsh Power Group, BP and National Grid.
For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Rebecca Davies on +44 (0)121 685 3819 or Gayle Redding on +44 (0)121 685 2708
This press release may contain information of general interest about current legal issues, but does not give legal advice.