Vancouver, British Columbia-based Finavera Renewables Inc. has signed a development funding agreement with a global renewable energy firm. Funding would be used to meet ongoing cashflow requirements.
‘This agreement is a step toward obtaining final development funding for our BC wind projects upon the award of power purchase agreements in the BC Hydro clean power call,’ says Jason Bak, CEO of Finavera Renewables.
The funding is secured against a minority interest in the company's Cloosh Valley wind project until such time as a further agreement is executed or it is repaid.
SOURCE: Finavera Renewables Inc.