Finavera Renewables and GE Energy sign $7.5 million agreement
Finavera Renewables, a developer of renewable energy resources, has entered into a project development partnership with GE Energy. Under the terms of the Joint Development Agreement (JDA), GE will provide Finavera Renewables with project development funding up to $7.5 million for the company's Peace Region, British Columbia wind projects. Following an extensive suitability analysis by Finavera, the company says GE shall also be the preferred wind turbine supplier for those projects.
“We are extremely excited to be working with GE Energy on the development of these wind projects,” said Finavera Renewables CEO Jason Bak. “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 projects through to financial close.
The JDA replaces the Development Funding Agreement (DFA) announced by the company on January 21, 2010. The signing of the JDA also removes the DFA security provision against a minority interest in the company's Cloosh Valley wind project.
For more information, visit www.finavera.com.
July 28, 2010 By John Gilson
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