Finavera Renewables Inc. has signed an agreement with Trafalgar Capital Specialized Investment Fund to carry out $10 million in unsecured convertible debenture financing. Finavera Renewables will draw down an initial $2 million upon closing of the final agreement. The remaining $8 million may be drawn down using either convertible or non-convertible structures as negotiated by Finavera Renewables and Trafalgar.
This convertible debenture financing will provide Finavera Renewables with the working capital required to continue the development of its wind and wave energy projects as the company moves toward several key milestones, including:
– investigation of joint venture and various partnership opportunities as part of a financing strategy for the company's portfolio of wind projects in Alberta, British Columbia and Ireland,
– preparing bids to enter up to five British Columbia wind projects into the 2008 BC Hydro call for clean power,
– completing final design for the 75 MW Ghost Pine wind project in Alberta, which is in the process of submitting final environmental and development permits, and
– finalizing the technology advancement plan for AquaBuOY 3.0 wave energy technology and project development prospects.