VANCOUVER, July 5, 2012 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSXV: FVR) is pleased to announce it has received a General Area
Licence of Occupation (the "Licence") for the 47 megawatt Tumbler Ridge
Wind Energy Project located in northeastern British Columbia. The
Licence, which was issued by the Ministry of Forest, Lands and Natural
Resource Operations, provides the approval for construction to commence
on the project. The Tumbler Ridge Wind Energy Project recently received
an Environmental Assessment Certificate and has a 25 year power
purchase agreement with B.C. Hydro.
The $125-million project will be located 8 kilometres west of Tumbler
Ridge. Once completed, the project will generate enough power to
provide electricity for up to 18,000 homes. The 12 month project
construction period is expected to generate 560 person years of direct
employment, and the operational phase of the project is expected to
create 188 person years of full-time direct employment.
Finavera Wind Energy CEO Jason Bak said, "This is a key milestone for
the Tumbler Ridge Wind Energy Project and allows Finavera to progress
through the final steps towards construction of this project. Our next
steps are to finalize financing for the project, execute a turbine
supply agreement, and contract a group to undertake the construction
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