Victorian Wave Partners, a subsidiary of Ocean Power Technologies has partnered with Lockheed Martin to build the world's largest wave power plant off Portland, Victoria.

Ocean Power Technologies, has been seeking to develop a wave power station off the coast of Victoria near Portland. The power station planned to be built in three stages had have a total capacity of 19 megawatts.

The Federal Government has awarded the project a $66.46 million grant under its Renewable Energy Demonstration Program.

The American weapons maker, Lockheed Martin Corporation, has now signed a $230 million agreement with Victorian Wave Partners to develop the world’s largest wave energy plant near Portland.

Under the agreement, Lockheed will handle overall management of the project, assist with design for manufacturing of the power buoys, produce selected components, and integrate the wave energy converters. The power buoys will rise about 10 metres out of the ocean.

The plant is to be developed in three stages. The goal is to complete the first phase, producing about 2.5 megawatts of peak power, by 2014 or 2015. When completed, around 2018 or 2019, it will generate 62.5 megawatts of peak power.