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Finavera Renewables sells majority interest in Grid Connection for Ireland's Largest Onshore Wind Project to Scottish and Southern Energy for (euro)8.4 million
Finavera Renewables sells majority interest in Grid Connection for Ireland's Largest Onshore Wind...
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[{"type":"text","content":"\n\n\n\n Aug. 25, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nVANCOUVER and CLOOSH VALLEY, GALWAY, Ireland, Aug. 25 /CNW/ - Finavera Renewables Inc. ("Finavera Renewables" or the "Company") (TSX-V: FVR) is pleased to announce that it has signed a series of agreements for the co-development of the 105 megawatt ("MW") Cloosh Valley Wind Project in County Galway, Ireland. Finavera Renewables has signed an agreement with SSE Renewables (Ireland) Limited, the Republic of Ireland renewables development division of Scottish and Southern Energy ("SSE"), the UK energy company which previously acquired Irish wind energy company Airtricity, to sell a majority interest in its wholly owned Gate 3 grid connection from Eirgrid to SSE for (euro)8.4 million. The (euro)8.4 million consideration is payable in staged payments.\nFinavera Renewables has also signed a Co-Development Agreement ("CDA") with SSE and Coillte, the state owned commercial forestry and renewables company, to jointly develop the Cloosh Valley project. Coillte is the landowner at the project site and has been a development partner on the project with Finavera since 2009. Finavera will retain a 10% equity interest in the project and will participate in all project development functions and activities.\nFinavera Renewables CEO Jason Bak said, "We are delighted to be partnering with Scottish and Southern Energy and Coillte on the development of the Cloosh Valley Wind project. SSE brings significant development, construction, and operating experience to this project. The strength of the development team now behind the Cloosh Valley project illustrates the value of this project, which has some of the best available wind resources in Europe. We now have the right team and a clear path to construction and full operation of the Cloosh Valley project."\n\nAbout the Cloosh Valley Wind Project\n\nThe Cloosh Valley Wind Project has ...