World's Largest Wave Energy Plant Set to Be Built Off Australia's Coast

News from Australia says that, fairly soon, the waters off the coast of the state of Victoria will be home to the world's largest wave energy plant.

This clean energy project is to be developed by American technology company Lockheed Martin and Australian company Victorian Wave Partners, that have recently entered a partnership.

According to Business Green, several studies have shown that Australia's current wave energy resources are some of the most impressive in the world.

Consequently, it makes sense that companies and high officials wish to invest in installing green power plants in the country's waters.

The wave energy plant set to be built off the state of Victoria's coastline is expected to have a power generation capacity of 62.5 megawatts when completed.

Specialists estimate that this electricity output will be more than enough to meet the demand of as many as 10,000 local households.

Should things go as planned, the plant will be built in three different stages. The technology that it will employ in order to harvest wave energy and convert it into clean electricity is known as PowerBuoy.

This technology is the brainchild of Ocean Power Technologies and it boils down to installing 30-foot (roughly 9 meters) high, so-called smart buoys that use the ocean's natural surface motion to produce electricity.

Unlike solar or wind power, wave energy is fairly predictable, and therefore more reliable. Besides, it can be harvested for a longer period of time throughout the course of a year.

Commenting on the company's decision to get involved in the implementation of this project, Tim Fuhr and Lockheed Martin stated as follows:

“This project extends our established relationship with OPT and Australian industry and enables us to demonstrate a clean, efficient energy source for Australia and the world.”

Information concerning the costs associated with this project has not yet been shared with the public. However, it would appear that part of the funding will be provided by the Australian Renewable Energy Agency.