Prerequisites:
You will need to install the SharePoint 2013 client components on your client machine. I am running it on Windows 7 so I am actually using the PowerShell 64 bit version and 64bit client components.
# Load SharePoint Client
Add-Type –Path "C:\Program Files\Common Files\microsoft shared\Web Server Extensions\16\ISAPI\Microsoft.SharePoint.Client.dll"
Add-Type –Path "C:\Program Files\Common Files\microsoft shared\Web Server Extensions\16\ISAPI\Microsoft.SharePoint.Client.Runtime.dll"
I am using the newest version on Project online, hence the 16 hive. 15 hive works as well!