Finavera Awarded Power Agreements For Four Wind Farms

BC Hydro has selected the first group of 19 projects to be awarded electricity purchase agreements (EPAs) under a clean power call. Combined, the projects will generate more than 2,400 GWh of clean electricity annually.

All four of Finavera Renewables Inc.'s wind projects that were submitted to the clean power call were accepted. The projects, which will be located in the Peace Region of British Columbia, have a total nameplate capacity of 293 MW and an estimated capital cost of C$800 million.

Finavera has agreed to commercial operation dates that provide appropriate time and capacity to construct all four projects on schedule and on budget. The 71 MW Wildmare project is expected to begin construction in 2012, the 45 MW Tumbler Ridge project is expected to begin construction 2012, the 117 MW Meikle project is expected to begin construction 2013 and the 60 MW Bullmoose project is expected to begin construction in 2014.

Following execution of the contracts, BC Hydro will submit the EPAs to the British Columbia Utilities Commission for its review. Further project details, including the range of electricity prices to be paid, will be available in BC Hydro's filing to the commission.

An additional 28 projects remain in the clean power call, and BC Hydro expects to select additional projects for the award of EPAs in late March, depending on the progress of discussions with proponents. In addition, BC Hydro will assess the adequacy of the proponents' consultation with First Nations.

SOURCES: BC Hydro, Finavera Renewables Inc.

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