Finavera Renewables Inc. has announced that its 77 MW Wildmare and 47 MW Tumbler Ridge wind projects have successfully passed the screening stage of the British Columbia environmental assessment (EA) process.
These projects are two of the company's four projects that were each awarded 25-year power purchase agreements from BC Hydro in March 2010.
This milestone is on schedule and in line with an estimated C$350 million project financing (equity and senior debt), which is expected to close in the fourth quarter of this year, followed by commencement of construction immediately thereafter. Commercial operation dates are estimated to be in late 2012, followed by initial revenue.
Based on existing conditions and with the mitigation proposed, the projects are not expected to result in any significant impacts for the biophysical, social, heritage, economic and health components assessed for these applications, according to Finavera.
The final decision on impacts will be determined by the BC Ministry of Environment and the BC Ministry of Energy and will be reflected in a decision to issue EA certificates to the company for the projects.
The projects have passed the screening stage and will enter the application-review stage shortly, which must be completed in a maximum of 180 days. After the review stage is complete, they will be considered by the ministers for an EA certificate.
The EA application for the company's 117 MW Meikle wind project will be submitted to the Environmental Assessment Office this spring, and the application for the 60 MW Bullmoose project is scheduled to enter the EA process next year.
SOURCE: Finavera Renewables Inc.