Finavera Renewables Buys Three Hills Wind Power Project in Alberta

Finavera Renewables Inc. has purchased Three Hills Wind Power project and development assets in Alberta, Canada, from Penn West Petroleum Ltd., a wholly owned subsidiary of Penn West Energy Trust, for CAD $3,350,000 [US $2.9 million].

Located northeast of Calgary, the wind power project consists of two 75-megawatt (MW) phases, making it the company’s most advanced wind project, with construction estimated for 2008 and revenue generation projected to begin in 2009. “This acquisition represents a significant addition to our portfolio. The project is near to construction and is anticipated to provide power for approximately 45,000 Canadian homes as early as 2009,” said Jason Bak, Finavera Renewables’ CEO. “Energy prices in Alberta are predicted to increase to the $78 megawatt per hour (MW/h) and $71/MWh range in the next two to four years. This base will be leveraged into our future growth through the development of our AquaBuOY wave energy technology and renewable energy projects in Canada, America, Europe and South Africa.” The first phase of the project, named Ghost Pine, is 75 MW and has received a grid connection offer from the Alberta Electric System Operator (AESO) under Alberta’s self-imposed 900 MW wind energy cap; the project is fifth on the list of firm capacity offered by AESO. Ghost Pine is at an advanced stage with construction planned to start in 2008 and commercial operations envisaged to commence in 2009. Wind results for Three Hills Phase 1, the 75-MW Ghost Pine Wind Power Project, have come from six meteorological towers that have been collecting wind data; an extensive wind resource assessment has been completed for the project site. Land lease options are in place for the project site, which comprises farmland. Wildlife data collection has been ongoing since the beginning of the year and will continue for another year. Interconnection to the grid has been secured through a payment to the AESO, with a current in-service date under the construction commitment agreement of March 2008. The project will sell power to the Alberta power pool. Wind resource measurements for Three Hills Phase 2: 75 MW Lone Pine Wind Power Project Site and Assets are continuing with more than 12 months of onsite data collected.

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