Finavera advances four B.C. wind projects

VANCOUVER, BRITISH COLUMBIA - BC Hydro says it will award long-term electricity purchase agreements EPAs covering four wind projects totaling 293 megawatts of combined nameplate capacity that Finavera Renewables has proposed for British Columbia Province in Canada.

The four projects have an estimated capital cost of $800 million and will contribute to the provincial economy through 524,000 person hours of direct construction labour and taxes paid to local and provincial governments.

They have the potential to generate over $100 million annually in revenue once they are fully operational.

The projects include Windmare Wind Energy, 71MW, and Tumbler Ridge Wind Energy, 45MW, with scheduled construction in 2012; Meikle Wind Energy, 117MW, and Bullmoose Wind Energy, 60MW, with construction starts in 2013 and 2014, respectively.

The four bid submissions were in response to BC Hydro's request for proposals to help make British Columbia electricity self-sufficient by 2016, and to meet demand using 90% of all new energy from clean domestic generation sources.

The projects will provide clean, renewable power to more than 75,000 homes and are located in the Peace Region of British Columbia.

The EPAs provide a guaranteed revenue stream and are the commercial cornerstones of any power project in the province, providing the basis to move forward towards project construction and operation.

“The award of four electricity purchase agreements from BC Hydro is an overwhelming success for Finavera Renewables ,” says company chief executive Jason Bak. “Our goal is to become a leader in North American wind energy project development and these electricity purchase agreements with BC Hydro are a further significant step towards that objective.”

To get the projects moving, Finavera needs to finalize partner agreements with First Nations Indian tribes and obtain Environmental Assessment Certificates, which are expected to be awarded in 2011.

Finavera will also begin final design and specification work, and finalize turbine supply negotiations for the first two projects.

Finavera is located in Vancouver, British Columbia.