A potential wave energy park off the coast of Reedsport may be delayed beyond 2013, partly due to financial troubles.
In its third-quarter financial results, Ocean Power Technologies said “regulator, business and financial factors” may delay installation of its Mark 3 PowerBuoy off Reedsport beyond 2013. The company cited compliance with Federal Energy Regulatory Commission reporting requirements as one of the factors.
The project has suffered three major delays to date. The original installation was planned for late 2011, but OPT pushed back work until the summer of 2012.
Read more at The World.