The application has been lodged by New South Wales-based company Oceanlinx.
A generator is being built off the coast from Port MacDonnell in the south-east of South Australia and all energy generated would be sold to electricity suppliers.
Oceanlinx said it could generate electricity by waves pushing air through an underwater turbine.
The ESC said the plan was for the wave energy converter to be connected to the 11-kilovolt distribution grid by a sub-sea cable and no fuel would be used to generate electricity.
It said the application would now be assessed and public comment would be taken until October 7.
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