Wave power developers planning a project off the Oregon Coast now have the nation's only federal permit to develop a commercial wave power park.
Ocean Power Technologies, Inc., based in Pennington, N.J., said Monday it will be deploying the first buoy for testing sometime this year off Reedsport.
CEO Charles Dunleavy says they hope to have the country's first commercial wave power park online within two or three years of securing full financing.
The Federal Energy Regulatory Commission issued the permit last week.
The project will include 10 buoys covering about 30 acres anchored 2 ½ miles off the coast. They will produce 1.5 megawatts — enough to power about 1,000 homes. An undersea cable will carry the power to a site slated for the Oregon Dunes National Recreation Area.