The company pursuing ambitious plans to build a “wave park” off the coast of Reedsport has withdrawn from the planned full-scale wave project.

Ocean Power Technologies, of Pennington, N.J., last Friday told the Federal Energy Regulatory Commission it would surrender a permit it held to build the Reedsport Expanded Project, which would add as many as two 50 megawatt facilities off the Central Oregon coast.

Ocean Power Technologies’ CFO Mark Featherstone wrote in a letter to the commission that the company plans to continue building out the 10 PowerBuoy projects, in a smaller coastal area, that would generate about 15 megawatts from waves.

The preliminary permit that OPT had received will now be used to revert the coastal area from a “Renewable Energy Facility Suitability Study Area” to a “Resource Use Conservation Area,” as called for by the state’s Territorial Sea Plan.

“That means it is not an area that the plan identifies as appropriate for development,” said Paul Klarin, marine program coordinator for the Oregon Department of Land Conservation and Development’s coastal division.

Klarin said his agency and the federal Ocean Policy Advisory Council could consider another renewable energy facility study area to replace the Reedsport site.

Oregon Public Broadcasting first reported the story.

Ocean Power Technologies had revealed in March it wouldn’t be able to deploy the PowerBuoys as planned in 2013.