This mysterious blue thing is a 250kW wave power generator. ARENA (see last post) has funded the deployment of this at Port Fairy and soon it will come online. Whilst this is clearly not something for these parts it is a very good example of ARENA funding being used to try things out.
In particular note this phrase:
This project is supporting studies, consultations and virtual trials to inform the development of alternative charging methods for local renewable energy projects and potential changes to electricity market rules.