Finavera examines wave energy

Finavera Renewables has been given the go-ahead to examine the possibility of a wave energy project off the Canadian coastline…

Finavera Renewables has been given the go-ahead to examine the possibility of a wave energy project off the Canadian coastline.

The permit, which is valid for two years, will give the Irish renewable-energy company the opportunity to carry out environmental and resource studies in the area off the coast of Vancouver Island in British Columbia.

Should the bid for development prove successful, the company's Uclueler project would be the first offshore wave energy project in the country.

The project would have an initial potential generating capacity of 5MW, which is sufficient electricity to power almost 2,000 homes, with a planned expansion to 100MW.

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Finavera is listed on the Toronto stock exchange.