SEPTEMBER 2008: AROUND THE STATE
Economy sinks wave momentum
THE COAST The credit crunch — Oregon’s
current fiscal bugbear — can now be blamed for one more
thing: a downturn in wave-energy projects.
The industry got a black eye when the state’s first test
buoy, which was developed by the Irish company Finavera and
Oregon State University, sank last fall. Finavera rescued the
buoy in August but said it wouldn’t go ahead with plans
to install a second experimental unit.
Since the sinking, the number of companies interested in
developing projects off the Oregon coast has dropped from seven
to three. According to Edward Einowski, a partner at
Stoel Rives who specializes in renewable energy project finance
and development, the economy is partially to blame.
Wave energy — unlike wind — is still an unknown
risk, which in a downturn makes finding funding all that much
harder, he says. The only option for companies with undeveloped
projects may be to wait it out.
But “in the development business,” he says,
“time is money. It’s going to be painful to have to
wait.”
ABRAHAM HYATT
Have an opinion?
E-mail feedback@oregonbusiness.com
