The Aguçadoura Wave Power Plant is the world's first commercial wave farm. It is located 5 km (3 mi) offshore near Póvoa de Varzim north of Oporto in Portugal. The farm uses three Pelamis wave energy converters to convert the motion of the ocean surface waves into electricity, totalling to 2.25MW in total installed capacity. The farm was officially opened on the 23rd of September 2008, by the Portuguese Minister of Economy.

Developed by the Scottish company Pelamis Wave Power, the Pelamis machine is made up of connected sections which flex and bend relative to one another as waves run along the structure. This motion is resisted by hydraulic rams which pump high pressure oil through hydraulic motors which in turn drive electrical generators. The three machines which make up the Aguçadoura Wave Park are each rated at 750KW, giving an installed capacity of 2.25MW, enough to meet the average electricity demand of more than 1,500 Portuguese homes.

The project was originally conceived by the Portuguese renewable energy company Enersis, which developed and financed the project and which was subsequently bought by the Australian infrastructure company Babcock & Brown in December 2005. In the last quarter of 2008 Babcock & Brown had its shares suspended and has been in a managed process of selling its assets, including the Agucadoura project. In March 2009 Babcock & Brown went into voluntary administration.

In November 2008 the Pelamis machines were brought back to harbor at Leixões due to a technical problem with some of the bearings for which a solution has been found. However the machines are likely to remain offline until a new partner is found to take over Babcock & Brown’s 77% share in the project.