In 2008, Pelamis Wave Power (PWP) successfully commissioned the Agucadoura wave farm and transmitted electricity to shore and into the Portuguese grid in a fully controlled manner both locally and remotely, and using multiple machines.

The project was originally conceived by the Portuguese renewable energy company, Enersis, which developed and financed the project and which was subsequently bought by the Australian infrastructure company Babcock and Brown (B&B) for E490 million in December 2005.

Since the financial crisis accelerated in the last quarter of 2008, B&B had its shares suspended, and has been in a managed process of selling its assets. In November 2008 the sale of a large part of the Enersis portfolio of wind assets was concluded.

Following the official inauguration of the Agucadoura project in September 2008 B&B's intention had been to form a joint venture with EDP and Efacec to develop several hundred MW of wave projects in Portugal in a consortium known as Ondas de Portugal.

It was also conceived that EDP and Efacec would also purchase part of B&B's stake in Companhia da Energia Oceanica. The parties intended to develop and install the next phase of the project, an additional 25 machines. However, due to the financial crises this deal has not been concluded at this time. PWP has said that it is expected that the machines will be ready for deployment in the same time frame as a new partner entering into the project.

A service of YellowBrix, Inc.