Finavera’s British Columbia Wind Bids Backed by GE Energy Financial Services

Finavera Renewables Inc. announced its bid to develop four wind energy projects in British Columbia. To facilitate the bid into BC Hydro’s 2008 Clean Power Call, Finavera Renewables signed a memorandum of understanding with GE Energy Financial Services, for proposed financing of up to 295 megawatts (MW) of wind power projects in the Peace region in northeast British Columbia.

Finavera Renewables will develop and pay permitting, public consultation and environmental assessment certification costs for the four wind projects: Bullmoose, Meikle, Wildmare and Tumbler Ridge. Should BC Hydro award an Energy Purchase Agreement to Finavera, GE Energy Financial Services would have the exclusive right to fund and or arrange equity and debt financing. The combined capital cost of the four projects is estimated to be US $800 million.

“With the support of GE Energy Financial Services, we are submitting four very strong bids into the BC Hydro Clean Power Call for Proposals,” said Jason Bak, CEO of Finavera Renewables. “This marks an exciting development in the growth of Finavera Renewables as we begin to realize the value of our pipeline of wind projects. We also continue to expand our project pipeline to create even greater long-term value for shareholders.”

The  Peace Region Wind Projects could potentially have the following capacities:

  • Bullmoose Wind Energy Project – 60 MW
  • Meikle Wind Energy Project – up to 118 MW in two phases
  • Wildmare Wind Energy Project – 72 MW
  • Tumbler Ridge Wind Energy Project – 45 MW
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