Finavera advances four B.C. wind projects
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.
Related News

New Hydro One CEO aims to repair relationship with Ontario government — and investors
TORONTO - The incoming chief executive officer of Hydro One Ltd. said Thursday that he aims to rebuild the relationship between the Ontario electrical utility and the provincial government, as well as ties between the company and its investors.
Mark Poweska, the former executive vice-president of operations at BC Hydro, was announced as Hydro One’s new president and CEO in March. His hiring followed a turbulent period for Toronto-based Hydro One, Ontario’s biggest distributor and transmitter of electricity.
Hydro One’s former CEO and board of directors departed last year under pressure from a new Ontario government, the utility’s biggest shareholder. Earlier this…