This is according to Dr John Huckerby of the Aotearoa Wave and Tidal Energ Association. The government is aiming to support projects which are currently in the startup phase but has set stringent requirements for the projects to get a share of the funding pot. According to Huckerby there are 18 projects that could apply for funding. However this would have to happen within the next three months and the money they would receive would be no more then 40% of the total cost of their project. A further requirement was that the projects would have to have the other 60% secured and backed by other funding.
Although New Zealand is home to quiet a few wave power companies many projects are still in the small scale trial phase. Another additional challenge was that tides were not as strong as in other parts of the world and that some projects would have to go far out to sea to find the necessary power. This would negatively impact overall project costs due to the high cost of transmission cables which would be have to laid underwater.
