Vancouver, British Columbia-based Finavera Renewables Inc. has secured a C$10 million development loan from a European private family fund and current shareholder.
The project development funding will be made available to the company following the award of an energy purchase agreement under the BC Hydro Clean Power Call (BC CPC), and will be used to secure the required letters of credit and provide for other ongoing project expenses and working capital. It is anticipated that the loan will be repaid through the arrangement of project finance and that terms and conditions of the loan will be finalized following the BC CPC award.
‘This funding commitment provides financial certainty to Finavera Renewables and will allow us to move forward quickly on final permitting and construction upon the award of power purchase agreements from BC Hydro in the Clean Power Call,’ says Jason Bak, CEO of Finavera Renewables.
Finavera Renewables has submitted four projects totaling 293 MW into the BC CPC. Final wind turbine suitability studies, wind analyses, and civil, electrical, mechanical, communications designs and contractor cost estimates have been prepared for each project and incorporated into the proposals to BC Hydro.
All necessary permits for securing exclusive access to the lands for development of wind energy are in place and in good standing. All other permits are on track for the proposed timelines.
SOURCE: Finavera Renewables Inc.