Home Archives September 2008 Economy sinks wave energy momentum

Economy sinks wave energy momentum

| Print |  Email
Monday, September 01, 2008

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 This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

More Articles

Water World

November/December 2014
Wednesday, October 22, 2014
BY KIM MOORE

Fred Ziari aims to feed the global population.


Read more...

Reimagining education to solve Oregon's student debt and underemployment problems

News
Thursday, November 13, 2014
carsonstudentdept-thumbBY RYAN CARSON | OP-ED CONTRIBUTOR

How do we skill up our future technology workforce in a smart way to take advantage of these high-paying jobs? The answer shouldn’t focus only on helping people get a bachelor’s degree.


Read more...

Healthcare pullback

News
Thursday, November 20, 2014
112014-boehnercare-thumbBY JASON NORRIS | OB CONTRIBUTOR

Each month for Oregon Business, we assess factors that are shaping current capital market activity—and what they mean to investors. Here we take a look at two major developments regarding possible rollbacks of the Affordable Care Act (ACA).


Read more...

Shifting Ground

November/December 2014
Wednesday, October 22, 2014
BY JOE ROJAS-BURKE

Bans on genetically modified crops create uncertainty for farmers.


Read more...

Semiconductor purgatory

News
Monday, October 06, 2014
roundup-logo-thumb-14BY LINDA BAKER | OB EDITOR

Intel's manufacturing way station; Merkley's attack dog; Diamond Foods gets into the innovation business.


Read more...

October surprise

News
Sunday, October 12, 2014
roundup-logo-thumb-14BY LINDA BAKER

Cylvia Hayes, tabloid vs. watchdog journalism and the looming threat of a Cascadia earthquake.


Read more...

100 Best Nonprofits to Work for in Oregon [VIDEO]

News
Thursday, October 02, 2014

Screen shot 2014-10-02 at 11.17.21 AMMore than 5,500 employees from 180 organizations throughout the state participated in the 100 Best Nonprofits to Work for in Oregon project.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS