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Finavera Renewables Receives Executed Electricity Purchase Agreements
Finavera Renewables Receives Executed Electricity Purchase Agreements
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\n Apr. 29, 2010 (Canada NewsWire Group) -- Applauds Provincial Government's Clean Energy Act\n\n Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) is pleased to announce it has received executed versions of the four Electricity Purchase Agreements ("EPA's") recently awarded in the BC Hydro Clean Power Call. The EPA's were delivered by BC Hydro for the Tumbler Ridge Wind Energy Project, Wildmare Wind Energy Project, Meikle Wind Energy Project, and the Bullmoose Wind Energy Project. These four contracts combined have the potential to generate approximately $2.5 billion in revenue over their 25 year lifetime and will provide clean, renewable power to more than 75,000 homes in British Columbia.\nFinavera Renewables would also like to congratulate the British Columbia government for introducing the Clean Energy Act ("Act") in the Legislature. The 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. Of particular importance to Finavera's four wind projects is the provision that exempts contracts awarded in the Clean Power Call from a separate BC Utilities Commission review. The Clean Energy Act must still be enacted by government through a vote in the Provincial Legislature.\nFinavera Renewables CEO Jason Bak said, "The provincial government has shown extraordinary leadership in advancing clean energy development in British Columbia. The Clean Energy Act will provide greater clarity for companies seeking to develop clean energy projects and increase investment in the Province."\nFinavera is also pleased to announce the total capacity of its four projects has increased. The Company was initially awarded EPA's which covered a total of 293 megawatts of capacity across the four agreements. The capacity has since been increased based on additional studies and advances in technologies and the four projects now total over 300 megawatts of renewable wind energy. The Company has also posted a total of $2,032,000 in performance security guarantees with BC Hydro for the four projects.\nThe Company will focus on several aspects of project development over the coming months:\n\n\n >\n\n\nOn the corporate level, management is assessing a numbe...