Vancouver, British Columbia-based Finavera Renewables Inc. will bid to develop four wind energy projects in British Columbia. To facilitate the bid into BC Hydro's 2008 Clean Power Call, Finavera Renewables has signed a memorandum of understanding with GE Energy Financial Services for proposed financing of up to 295 MW of wind power projects in the Peace region in northeast British Columbia.
Finavera Renewables will develop and pay permitting, public consultation and environmental assessment certification costs for the four wind projects: Bullmoose (60 MW), Meikle (up to 118 MW in two phases), Wildmare (72 MW) and Tumbler Ridge (45 MW).
Should BC Hydro award an energy purchase agreement to Finavera Renewables, GE Energy Financial Services would have the exclusive right to fund and/or arrange equity and debt financing. The combined capital cost of the four projects is estimated to be C$800 million.
Completion of the financing for Finavera Renewables' wind projects is subject to corporate and regulatory approvals, completion of due diligence, finalization of documentation, approval of GE's investment committees, the award of an energy purchase agreement from BC Hydro and other conditions.
Finavera is in negotiations with manufacturers for the supply of turbines for these projects. Turbine suitability has been assessed, and draft letters of intent for turbine supply are being negotiated.
Finavera has completed design of the project layouts, including turbine siting, road access, and civil and electrical design suitable for detailed cost estimation of the balance of plant works.
SOURCE: Finavera Renewables Inc.