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Finavera and GE $7.5m agreement for Canadian wind power

Finavera Renewables Inc and GE Energy have signed a joint development agreement (JDA) under which GE fund up to C$7.5 million for Finavera’s Peace Region wind projects in British Columbia, Canada.

GE will also be the preferred wind turbine supplier for the wind power projects.

The development funding will be repaid at each respective wind power project’s financial close.

Finavera Renewables CEO Jason Bak, says: “This partnership combines Finavera’s exceptional wind projects with GE Energy’s outstanding technical experience to produce a team that will ensure the success of these projects. This deal significantly enhances our ability to move our projects to construction and grow our wind portfolio over the next several years.”

In March, Finavera was awarded 25 years electricity purchase agreements for four wind turbine projects totalling 301 MW of installed capacity.

The JDA will provide Finavera with the funding necessary to continue to achieve project development milestones and to move the wind power projects through to financial close.

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Comments

mattshawblog said

29 July 2010
Wow, that's a sweet little contract. When you read stories like this it's easy to forget about what new green energy construction does for local economies and small businesses, too. A quick search on YouTube brings up this great little video about how a new wind farm benefited the small town of Milford, Utah: http://www.youtube.com/watch?v=xy-iK_a8-fc

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