Finavera Renewables has entered into a project development partnership with GE Energy. Under the terms of the joint development agreement (JDA), GE will provide Finavera Renewables with a project development funding of up to $7.5 million for Finavera's Peace Region wind projects.
Finavera adds that GE will also be the project's preferred wind turbine supplier.
The development funding will be repaid at each respective project's financial close and does not impact Finavera's equity position in the projects. GE Energy has co-developed thousands of megawatts of wind projects in North America, and that expertise will be applied to this partnership in order to deliver high return projects on time and on budget, the companies explain.
In March, Finavera was awarded power purchase agreements for four wind projects totaling 301 MW of installed capacity. The JDA will provide Finavera with the funding necessary to continue to achieve project development milestones and to move the projects through to financial close.
The JDA replaces the development funding agreement (DFA) previously announced by Finavera last January. The signing of the JDA also removes the DFA security provision against a minority interest in its Cloosh Valley wind project.
SOURCE: Finavera Renewables