Finavera Renewables is progressing toward definitive agreements for the equity requirements of the Tumbler Ridge, Wildmare, Meikle and Bullmoose wind projects in British Columbia. The focus is currently on the two nearest-term projects, Tumbler Ridge and Wildmare, which are targeted for construction next year.
In June, Finavera engaged Capital West Partners to run a structured process with a mandate to secure a partner to provide the equity, approximately C$200 million of the estimated C$800 million capital cost of the project portfolio.
Substantive proposals were received from several large utilities, wind developers and investment groups. The company is currently completing due diligence and negotiations with one preferred equity provider and expects to sign definitive agreements for one or more of the near-term projects by the end of January 2011.
SOURCE: Finavera Renewables Inc.
