Business
Finavera Renewables Completes Purchase of Three Hills Wind Power Project In Alberta, Canada
Finavera Renewables Completes Purchase of Three Hills Wind Power Project In Alberta, Canada.
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, CANADA, April 3 /CNW/ - Finavera Renewables Inc. (the\n"Company") (TSX-V: FVR) is pleased to announce it has completed the purchase\nof Three Hills Wind Power project and development assets in Alberta, Canada\n(the "Project") from Penn West Petroleum Ltd., a wholly owned subsidiary of\nPenn West Energy Trust (the "Vendor") for a purchase price of CAD $3,350,000.\nThe Project, located northeast of Calgary, consists of two 75MW phases for a\nplanned total installed capacity of 150MW of wind power. This Project now\nbecomes the Company's most advanced wind project, with construction estimated\nfor 2008 and revenue generation projected to begin in 2009.\n\n\nJason Bak, Finavera Renewables' CEO commented, "This acquisition\nrepresents a significant addition to our portfolio. The Project is near to\nconstruction and is anticipated to provide power for approximately 45,000\nCanadian homes as early as 2009. Energy prices in Alberta are predicted to\nincrease to the $78MW/h and $71/MWh range in the next two to four years. With\na conservative estimate of 208,000MWh/year of electricity generation for Phase\n1, our retention of the Project's green credits and the upside from the Phase\n2 expansion, we are confident that this asset will provide an excellent\nrevenue base. This base will be leveraged into our future growth through the\ndevelopment of our AquaBuOY wave energy technology and renewable energy\nprojects in Canada, America, Europe and South Africa."\n\n\nThe first phase of the Project, named Ghost Pine, is 75MW and has\nreceived a grid connection offer from the AESO under Alberta's self-imposed\n900MW wind energy cap; the project is fifth on the list of firm capacity\noffered by AESO. Ghost Pine is at an advanced stage with construction planned\nto start in 2008 and commercial operations envisaged to commence in 2009.\n\n\nThe Project areas are located in a high efficiency wind resource area in\ncentral Alberta approximately 120km northeast of Calgary. The Project will be\ndeveloped in order to be eligible for Greenhouse Gas (GHG) credits and the\necoEnergy Renewable Power program incentives. Both of these measures will\ncontribute to the upside and profitability of the project.\n\n\nJoint Venture and Participants\n\n\nThe Company acquired a 100% interest in Ghost Pine th...