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Finavera Renewables Awarded Four Electricity Purchase Agreements in BC Hydro Clean Power Call
Finavera Renewables Awarded Four Electricity Purchase Agreements in BC Hydro Clean Power Call
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Mar. 11, 2010 (Canada NewsWire Group) -- /CNW/ -- Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) is pleased to announce all four of its wind projects, comprising a total nameplate capacity of 293 megawatts (\"MW\"), submitted to the 2008 Clean Power Call have been accepted by BC Hydro for award of long term Electricity Purchase Agreements (\"EPA\"). BC Hydro, an S&P AAA rated, provincially owned utility, is the third largest electric utility in Canada and serves 1.8 million customers in an area covering the majority of British Columbia's population.The four projects have an estimated capital cost of $800 million and will contribute to the provincial economy through 524,000 person hours of direct construction labour and taxes paid to local and provincial governments. The projects have the potential to generate over $100 million annually in revenue once they are fully operational.The four bid submissions were in response to BC Hydro's Request for Proposals to help make British Columbia electricity self-sufficient by 2016, and meet demand using 90% of all new energy from clean domestic generation sources. The projects will provide clean, renewable power to more than 75,000 homes and are located in the Peace Region of British Columbia. Project nameplate capacities and expected construction dates are as follows:Project Output Expected Construction------- ------ ---------------------Wildmare Wind Energy Project 71 MW 2012Tumbler Ridge Wind Energy Project 45 MW 2012Meikle Wind Energy Project 117 MW 2013Bullmoose Wind Energy Project 60 MW 2014 The Electricity Purchase Agreements with BC Hydro provide a guaranteed revenue stream and are the commercial cornerstones of any power project in British Columbia, providing the basis to move forward towards project construction and operation. The projects represent an optimal mix of attractive firm energy pricing combined with accurate and realistic capital costs. Finavera has agreed to commercial operation dates that provide appropriate time and capacity to construct all four projects on schedule and on budget.Finavera Renewables CEO Jason Bak said, \"The award of four electricity purchase agreements from BC Hydro is an overwhelming success for Finavera Renewables. This result illustrates the quality of our project fundamentals and the tireless ...