The original project was co-funded by EC, the Portuguese government, EDA (Azores utility) and EDP (mainland utility) in 1992. Its construction was concluded in 1999, involving several Portuguese companies under scientific coordination of Instituto Superior Técnico. An accidental inundation and problems with some of the mechanical equipments, caused interruption of the project during several years.
With the creation of the Wave Energy Centre (WavEC) in 2003, the conditions for presentation of a proposal to a national funding scheme (PRIME/ /DEMTEC) were established, having in view the recovery and test of the plant. The Portuguese institutions EDP, EDA, EFACEC, Consulmar, Irmãos Cavaco, IST and INETI, participated and co-funded the project under co-ordination of WavEC.
Since Sept – Nov 2005 and Jun - Oct 2006 regular performance tests have been undertaken, revealing the persistence of technical limitations of the original structure of the turbo-generation group. During 2007, the plant only operated occasionally due to funding shortage, while a solution for the vibration problemand themaintenance of aging equipments were in the focus of the attentions.
In 2008 a contract was signed with EDP aiming at the continuous exploitation of the Pico Plant for a minimum period of 3 years. The Engineering, Procurement and Construction would be assured in consortium with Kymaner, EFACEC and Consulmar. Due to progressive damages in the concrete structure and the inherent cost increase, the project was suspended by the end of 2008. However, the management, operation and maintenance of the plant have been guaranteed by WavEC with technical support of Kymaner, who prepare to install reinforcements and equipments that allow for plain production and autonomous operation in summer 2009.
