Business
Finavera Renewables Applauds British Columbia Government on Clean Energy Act
Finavera Renewables Applauds British Columbia Government on Clean Energy Act
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\n Jun. 4, 2010 (Canada NewsWire Group) -- Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) is pleased to announce the British Columbia Clean Energy Act ("the Act") has been approved by the provincial legislature. The Clean Energy Act sets the foundation for a new future of electricity self-sufficiency, job creation and reduced greenhouse gas emissions, powered by investments in clean, renewable energy across the Province.\nFinavera Renewables CEO Jason Bak said, "I would like to congratulate the government on passing a Clean Energy Act that provides greater regulatory certainty for developers involved in renewable energy projects. That certainty will increase investment in the province and create long term economic growth. The consolidation of BC Hydro and the BC Transmission Corporation will streamline the process of permitting and building our four wind projects. In addition, the emphasis on renewable energy export will provide a platform for further growth for Finavera and the wind industry in British Columbia."\nThe approval of the Clean Energy Act positively impacts the final approval process for Finavera Renewables' four wind projects awarded power purchase agreements under the BC Hydro Clean Power Call. Under the original terms of the Clean Power Call, successful renewable energy projects were subject to British Columbia Utilities Commission review. The successful approval of the Clean Energy Act exempts those contracts from review from the BC Utilities Commission. As a result, Finavera's four contracts totaling 301 megawatts are now fully executed with BC Hydro and face no further regulatory approval process. In addition, the Company is on track to acquire all of the appropriate environmental and operating permits.\nThe Clean Energy Act will also consolidate BC Hydro and BC Transmission Corporation to provide a single entity that will plan and deliver the clean energy required to meet British Columbia's growing demand for electricity. The Act will provide the opportunity for BC Hydro, in addition to supplying domestic needs, to work in partnership with renewable power producers to seek opportunities to sell clean, reliable electricity to neighbours in Canada and the U.S. Finavera will actively pursue export opportunities for its early stage British Columbia project...