VANCOUVER, May 17 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSXV: FVR) is pleased to announce it has signed interconnection
agreements with British Columbia Hydro for the Company's 77 megawatt
("MW") Wildmare and 47 MW Tumbler Ridge Wind Energy Projects. Finavera
and BC Hydro have signed a Standard Generator Interconnection Agreement
("SGIA") for the Tumbler Ridge Wind Energy Project and an Early
Engineering and Procurement Agreement ("EEPA") for the Wildmare Wind
Finavera Wind Energy President and COO Peter Leighton said, "These
interconnection agreements are a critical milestone as we advance
towards construction on our first two wind energy projects. The
agreements confirm the commercial operation dates for our two projects
that are closest to construction and operation, and provide the basis
for delivering clean, renewable electricity to the grid."
The Standard Generator Interconnection Agreement signed for the Tumbler
Ridge Wind Energy Project is the most critical document in the overall
process for interconnecting wind power generation to the British
Columbia transmission system. The SGIA identifies the responsibilities
of both Finavera and BC Hydro and the detailed steps required to
interconnect the Tumbler Ridge Wind Energy Project to the BC Hydro
Transmission System. The Agreement also confirms the Commercial
Operation Date of November, 2012 for the wind farm is achievable. In
connection with the signing of the SGIA, Finavera has provided a
$500,000 Letter of Credit to BC Hydro as security.
For the Wildmare Wind Energy Project, the Company has signed an Early
Engineering and Procurement Agreement with BC Hydro. The agreement
allows BC Hydro to commence certain permitting, engineering and
procurement activities in a timely manner in advance of a full SGIA
being executed. The EEPA also assists Finavera in achieving the
November, 2013 Commercial Operation Date for the Wildmare Wind Energy
Project in advance of entering a full SGIA. The draft of the SGIA for
the Project is currently under negotiation, and it is currently
anticipated Finavera will enter into the final SGIA in summer of 2011.
In connection with the signing of the EEPA, Finavera has provided a
$1,000,000 Letter of Credit to BC Hydro as security.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a wind energy development company focused on
developing, constructing, and operating wind farms in North America and
Ireland. Our mission is to create and operate a viable renewable energy
business while protecting and enhancing the physical and social
environment. In British Columbia, Canada, projects totaling 301 MW have
been awarded 25 year Electricity Purchase Agreements. In Ireland, the
Company has signed a co-development agreement with Scottish and
Southern Renewables for the 105MW Cloosh Valley Wind Project. Data
collection and environmental studies have been continuing at a number
of prospective sites in Canada and the United States.
Statements in this news release, other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, constitute Forward-looking
statements. The words "would", "will", "expected" and "estimated" or
other similar words and phrases are intended to identify
forward-looking information. Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may cause
the Company's actual results, level of activity, performance or
achievements to be materially different than those expressed or implied
by such forward-looking information. Such factors include, but are not
limited to: uncertainties related to the ability to raise sufficient
capital, changes in economic conditions or financial markets,
litigation, legislative or other judicial, regulatory and political
competitive developments and technological or operational difficulties.
Consequently, actual results may vary materially from those described
in the forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
SOURCE Finavera Wind Energy Inc.
For further information:
Finavera Wind Energy
SVP Business Development
Finavera Wind Energy
Pinnacle Capital Markets
Spyros Karellas, President & CEO
Chris Waldron, VP & Director Communications