There is still no physical evidence of the project in Victorian waters, which received a $66 million grant in 2009 from Energy Minister Martin Ferguson.
The US-based Ocean Power Technologies - touting a relationship with Leighton Holdings - beat their more fancied wave-power competitors to the money with a proposal to build a 19-megawatt development near Portland.
The decision shocked analysts because the wave power project off the south-west coast of Victoria is not well-known.
Clean energy proponents, including defeated rivals, are now wondering whether it has been a gamble that will not pay off.
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