ABB_id2059
in News Departments > FYI
print the content item

Finavera Wind Energy, the developer behind the 184 MW Meikle Wind Energy Project, located in British Columbia, says the project has received its environmental assessment certificate from British Columbia's Environmental Assessment Office.

Finavera sold the wind project to Pattern Development in April and received approximately $9.3 million.

According to Jason Bak, chief executive officer of Vancouver-based Finavera, additional proceeds are expected once construction financing is finalized in early 2015.

Bak says obtaining the environmental certificate gives Finavera confidence that the project will get built - therefore, fulfilling the terms of its sales agreement with Pattern.

"As a result of the successful completion of this milestone, Finavera has more confidence and much less risk in completing the terms of the sale agreement with Pattern Development," explains Bak. "With proceeds from the sale, Finavera plans to aggressively reduce short- and long-term debt and focus on another fast-growing area of renewable energy development. Finavera is working on transactions to put forward for shareholder approval.

Hybrid Energy Innovations 2015

Trachte_id2056
Latest Top Stories

High Net-Worth Investors Claim 'All Of The Above' On Energy, Renewable And Otherwise

According to a recent Morgan Stanley poll, high-dollar investors favor investment in renewable energy technologies, such as wind and solar.


U.S. Wind Power Installations Surpassed 4.7 GW Last Year, Although China Still Leads

Bloomberg New Energy Finance reports that U.S. wind installations came back in a big way from a disappointing 2013.


IRS Specifies Performance, Quality Standards For Small Wind Turbines

The Internal Revenue Service (IRS) recently issued guidelines creating safety and performance standards for small wind turbines to be eligible for the 30% investment tax credit.


Hot Times North Of The Border: Canada Tops Previous Record For Installed Wind Capacity

For the second consecutive year, Canada's wind market has bested the country's previous mark for new installations.


Report: Policy Uncertainty Fuels Market Exodus As Firms Bolt North American Wind Industry

The global wind energy supply chain has yet to recover from the slump that began in 2013. In fact, many segments are undergoing a transformation, according to market research firm FTI Consulting.

Hybrid Energy Innovations 2015