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Finavera Renewables Advances Towards Finance Agreement for British Columbia Wind Projects
Finavera Renewables Advances Towards Finance Agreement for British Columbia Wind Projects
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\n Dec. 2, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nVANCOUVER, Dec. 2 /CNW/ - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) is pleased to provide an update on the process to secure\n financing for the Company's 301 MW portfolio of wind projects in\n British Columbia. Finavera is progressing towards definitive agreements\n for the equity requirements of the Tumbler Ridge, Wildmare, Meikle, and\n Bullmoose Wind Energy Projects. The focus is currently on the two\n nearest term projects, Tumbler Ridge and Wildmare, which are targeted\n for construction next year.\n\n\nIn June, 2010, Finavera engaged Capital West Partners to run a\n structured process with a mandate to secure a partner to provide the\n equity, or approximately $200 million of the estimated $800 million\n capital cost of the project portfolio. In exchange for the right to\n provide equity, the interested potential partners were asked to provide\n Finavera with a substantial free carry in the projects. Substantive\n proposals were received from several large utilities, wind developers\n and investment groups. Finavera assessed the proposals during July and\n August after which they were shortlisted. The Company is currently\n completing due diligence and negotiations with one preferred equity\n provider and expects to sign definitive agreements for one or more of\n the near term projects by the end of January 2011.\n\n\nFinavera Renewables CEO Jason Bak said, "Securin...