Pelamis Wave Farm Shut Down, Temporarily?
Remember the Pelamis wave farm project? A number of commenters were skeptical about it’s functioning ability, and will probably not be surprised by the recent news – the project has been shut down, with no date set for its return.
The buoyancy problem was the beginning. Foam-filled buoyancy tanks leaked and need to be replaced, delaying the startup of the project.
The Aguçadoura wave farm was announced in September as a joint venture between Pelamis and a group of three promoters including EDP, the Portuguese electrical engineering company Efacec, and the asset manager Babcock & Brown, an Australia-based specialist in power and other infrastructure investments.
But, by November, as the global credit crunch and falling share markets took a deepening toll of highly leveraged investors, Babcock & Brown announced a major program of asset sales to pay down its debt: and the Portuguese partners pulled back from the venture.
A spokesman for Pelamis Wave Power has said there is no timetable for returning the project to sea. “As soon as things are resolved,” he said. “Could be next week. Could be anything.”
EDP is not discouraged from investing in renewable energy – they have recently signed an agreement with Principle Power, of the United States, to develop and install a floating offshore wind farm off the Portuguese coast. “Offshore wind is one of our key innovation priorities,” said the chief executive of EDP, António Mexia.
Via International Herald Tribune
