OPT signed an agreement with Australia-based Leighton Contractors Ltd. to develop wave-power projects off the east and south coasts of Australia.

"Leighton is one of Australia's major infrastructure providers, with an annual turnover of several billion dollars. Its project development and delivery expertise will contribute to making the Australian market a major regional hub for the introduction and commercialization of OPT's unique, ocean-tested wave-power technology," said George Taylor, chief executive officer of OPT.

OPT said the deal is part of its plans to form alliances with international strategic partners in key areas, particularly Australia.

OPT's subsidiary first will find project sites, then Leighton will obtain permit approvals, power-purchase agreements and financing, and finally Leighton will oversee project delivery and operation of whatever power stations end up being built.