Vancouver, Canada [RenewableEnergyWorld] Finavera Renewables Inc. announced last week that it has entered into discussions with a potential corporate investor from whom they have received a non-binding indicative financing proposal. The proposal is in connection with four wind projects currently being developed by Finavera Renewables in the Peace Region of British Columbia, Canada. According to the company, the investor would put up 100% of the equity requirements for each of the four projects awarded an electricity purchase agreement by BC Hydro pursuant to the BC Hydro Clean Power Call.
The four wind projects in the Peace Region have several attributes that will contribute to their becoming strong, operating wind farms: high wind speeds resulting in high energy yields, close proximity to transmission lines and ease of accessibility. Finavera Renewables has conducted turbine layout assessments for the projects and discussions are underway with major turbine manufacturers for the supply of wind turbines. The company has involved the project stakeholders, local groups and communities since these projects were initiated more than three years ago.
“This proposal contains financing solutions for these 300 megawatts of wind projects in British Columbia, and would allow us to move forward with strong bids to secure power purchase agreements,” said Finavera Renewables CEO, Jason Bak. “An equity solution provides one of the greatest milestones towards the development of wind farms. It facilitates the arrangement of senior project debt, which, together with equity, would represent a CAN $1 billion financing solution for the expected cost of constructing and commissioning these four wind farms.”