BC Hydro Awards Finavera Four PPAs

Finavera Renewables Inc. has confirmed that all four of its wind projects submitted to the 2008 Clean Power Call have been accepted by BC Hydro for award of long term power purchase agreements (PPAs).The four projects are expected to have a total nameplate capacity of 293 megawatts (MW) and will represent an estimated capital cost of CAN $800 million. The projects are also expected to contribute to the provincial economy through 524,000 person hours of direct construction labor and taxes paid to local and provincial governments.

The projects have the potential to generate over $100 million annually in revenue once they are fully operational. The four bid submissions were in response to BC Hydro’s Request for Proposals to help make British Columbia electricity self-sufficient by 2016, and meet demand using 90% of all new energy from clean domestic generation sources.

The projects selected by BC Hydro include the 71-MW Wildmare Wind Energy Project that will be installed by 2012, The 45-MW Tumbler Ridge Wind Energy Project, which will also be installed by 2012, as well as the 117-MW Meikle Wind Energy Project that will be installed in 2013 and the 60-MW Bullmoose Wind Energy Project, which will be completed by 2014.

“The award of four electricity purchase agreements from BC Hydro is an overwhelming success for Finavera Renewables. This result illustrates the quality of our project fundamentals and the tireless effort of our project development team. It also represents an important milestone for our Company that validates years of hard work and dedication and our belief that the projects we have identified are attractive, commercially viable and sustainable,” said Jason Bak Finavera Renewables’ CEO.

BC Hydro is the third largest electric utility in Canada and serves 1.8 million customers in an area covering the majority of British Columbia’s population.

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