Finavera Signs Interconnection Agreements With BC Hydro For Wind Projects

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Finavera Wind Energy Inc. says it has signed interconnection agreements with BC Hydro for the company's 77 MW Wildmare and 47 MW Tumbler Ridge wind projects. Finavera and BC Hydro have signed a standard generator interconnection agreement (SGIA) for the Tumbler Ridge project, and an early engineering and procurement agreement (EEPA) for the Wildmare project.

The SGIA identifies the responsibilities of both Finavera and BC Hydro and the detailed steps required to interconnect the Tumbler Ridge project to the BC Hydro transmission system, according to Finavera.

The agreement also confirms that the commercial operation date of November 2012 for the wind farm is achievable. In connection with the signing of the SGIA, Finavera has provided a C$500,000 letter of credit to BC Hydro as security.

The EEPA for the Wildmare project allows BC Hydro to commence certain permitting, engineering and procurement activities in a timely manner in advance of a full SGIA being executed. The EEPA also assists Finavera in achieving the November 2013 commercial operation date for the Wildmare project in advance of entering a full SGIA.

The draft of the SGIA for the project is currently under negotiation, with the goal of entering into a full agreement this summer. In connection with the signing of the EEPA, Finavera has provided a C$1 million letter of credit to BC Hydro as security.

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