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Finavera Renewables Signs Agreement to Purchase 150MW Wind Power Project in Alberta, Canada
Finavera Renewables Signs Agreement to Purchase 150MW Wind Power Project in Alberta, Canada.
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, CANADA, March 6 /CNW/ - Finavera Renewables Inc. (the\n"Company") (TSX VENTURE:FVR) is pleased to announce it has signed an agreement\nto purchase the 150MW Three Hills Wind Power Project in Alberta, Canada from a\nsenior oil and gas producer (the "Vendor") for a total consideration of $3.35\nmillion CAD. The project consists of two 75MW phases for a planned installed\ncapacity of 150MW of wind power on over 16,000 acres of land. Closing of the\nagreement, scheduled for March 30, 2007, is subject to the consent of the\nAlberta Electrical System Operator ("AESO").\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 high efficiency wind resource area in\ncentral Alberta approximately 120km northeast of Calgary. The projects will be\ndeveloped in order to be eligible for Greenhouse Gas (GHG) credits and the\nCanadian Wind Power Production Incentive, or equivalent. Both of these\nmeasures will contribute to the upside and profitability of the project.\n\n\nFinavera Renewables COO Bertan Atalay said, "A payment of $1.8 million\nCAD has been made towards the grid interconnection for Ghost Pine by the\nVendor, the wind resource is strong, and there is certainty in place to sell\nelectricity into the Alberta pool. These projects are Finavera Renewables'\nfirst step towards expanding its wind power development operations outside of\nBC and Ireland, with near term revenue generation potential."\n\n\nJason Bak, Finavera Renewables CEO commented, "This wind project\nrepresents a significant development within our wind portfolio. The project is\nclose to construction and will begin to provide power for approximately 45,000\nCanadian homes as early as 2009. This acquisition reflects our strategy to\ngrow a near term cash generative pipeline of projects to advance our overall\nobjective to develop our AquaBuOY wave energy technology and renewable energy\nprojects in Canada, Europe and South Africa."\n\n\nThree Hills Phas...