Finavera Renewables Will Purchase 150MW Wind Power Project in Alberta, Canada
VANCOUVER, British Columbia - Finavera Renewables Inc. has signed an agreement to purchase the 150MW Three Hills Wind Power Project in Alberta, Canada from a senior oil and gas producer (the “Vendor”) for a total consideration of $3.35 million CAD. The project consists of two 75MW phases for a planned installed capacity of 150MW of wind power on over 16,000 acres of land. Closing of the agreement, scheduled for March 30, 2007, is subject to the consent of the Alberta Electrical System Operator.
The first phase of the project, named Ghost Pine, is 75MW and has received a grid connection offer from the AESO under Alberta’s self-imposed 900MW wind energy cap; the project is fifth on the list of firm capacity offered by AESO. Ghost Pine is at an advanced stage with construction planned to start in 2008 and commercial operations envisaged to commence in 2009.
The project areas are located in high efficiency wind resource area in central Alberta approximately 120km northeast of Calgary. The projects will be developed in order to be eligible for Greenhouse Gas (GHG) credits and the Canadian Wind Power Production Incentive, or equivalent. Both of these measures will contribute to the upside and profitability of the project.
Finavera Renewables COO Bertan Atalay said, “A payment of $1.8 million CAD has been made towards the grid interconnection for Ghost Pine by the Vendor, the wind resource is strong, and there is certainty in place to sell electricity into the Alberta pool. These projects are Finavera Renewables’ first step towards expanding its wind power development operations outside of BC and Ireland, with near term revenue generation potential.”
Jason Bak, Finavera Renewables CEO commented, “This wind project represents a significant development within our wind portfolio. The project is close to construction and will begin to provide power for approximately 45,000 Canadian homes as early as 2009. This acquisition reflects our strategy to grow a near term cash generative pipeline of projects to advance our overall objective to develop our AquaBuOY wave energy technology and renewable energy projects in Canada, Europe and South Africa.”
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