VANCOUVER,
May 17 /PRNewswire/ - 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 Energy Project.
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.