Business
Finavera Wind Energy and Cloosh Valley Wind Project Partners Receive Full Planning Permission for 105 Megawatt Cloosh Valley Wind Project
VANCOUVER, Nov. 3, 2011 /CNW/ - Finavera Wind Energy Inc. ("Finavera" or the "Company") (TSX...
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Nov. 3, 2011 /CNW/ - Finavera Wind Energy Inc. (\"Finavera\" or the \"Company\") (TSX-V: FVR) is pleased to announce that its 105 megawatt Cloosh Valley Wind Project\n has been granted full Planning Permission from An Bord Pleanála, the\n Irish regulatory agency responsible for development and approving\n strategic infrastructure. Planning Permission is the final regulatory\n hurdle for the Cloosh Valley Wind Project and, combined with the recent\n grid connection agreement signed with Eirgrid on October 5th, 2011, provides a clear route to financial close, construction and\n operation of Ireland's largest onshore wind project. At financial\n close, the Company will receive a further payment of €7,140,000 due\n under the terms of the Cloosh Valley sale to SSE plc (LSE:SSE) (\"SSE\")\n announced last August and explained in greater detail below.\n\n\nFinavera Wind Energy CEO Jason Bak said, \"The receipt of Planning\n Permission for the Cloosh Valley Wind Project is an important milestone\n that brings the project closer to financial close, which triggers a\n substantial payment to Finavera as part of our partnership with SSE.\n The Cloosh Valley Wind Project was the first project in our portfolio\n and illustrates our ability to originate and develop high value assets,\n partner with experienced developers, and extract significant value for\n shareholders. This value generation is being replicated in British\n Columbia with our 300 megawatts of contracted projects and will be\n applied to our development pipeline of future projects.\"\n\n\nOn October 5th, 2011 the Company announced that a grid connection\n agreement has been signed with Eirgrid for the Cloosh Valley Wind\n Project in County Galway, Ireland. Once operational, Cloosh Valley will\n be the largest onshore wind project in Ireland and will generate enough\n energy to provide electricity to more than 68,000 homes. The project\n will sell electricity under Ireland's Renewable Energy Feed-In Tariff\n program.\n\n\nIn August 2010, Finavera Wind Energy signed an agreement with SSE\n Renewables (Ireland) Limited, the Republic of Ireland renewables\n development division of SSE, the UK energy company which previously\n acquired Irish wind energy company Airtricity, to sell a majority\n interest in its wholly owned Gate 3 ...