Finavera Renewables to Buy Alberta 150 MW Wind Power Project

Finavera Renewables plans to purchase the 150-megawatt (MW) Three Hills Wind Power Project in Alberta, Canada from an oil and gas producer for CAD$3.35 million [US $2.84 million]. The project will sell power to the Alberta power pool.

The project consists of two 75 MW phases for a planned installed capacity of 150 MW of wind power on more than 16,000 acres of land. Closing of the agreement, scheduled for March 30, 2007, is subject to the consent of the Alberta Electrical System Operator (AESO). The first 75 MW phase of the project, Ghost Pine, has received a grid connection offer from the 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 planned to commence in 2009. To date, six meteorological towers have been collecting wind data at various stages of the project, some for more than two years, and an extensive wind resource assessment is complete. The land lease options are in place, and wild life data collection will continue for 12 months. 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. “This wind project represents a significant development within our wind portfolio,” said Jason Bak, Finavera Renewables CEO. “This acquisition reflects our strategy to grow a near-term cash generative pipeline of projects to advance our overall objective to develop our AquaBuOY wave energy technology and renewable energy projects in Canada, Europe and South Africa.”
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