Business
Renewables Releases First Quarter Financial Results and Provides Corporate Update
Renewables Releases First Quarter Financial Results and Provides Corporate Update
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\n May 31, 2010 (Canada NewsWire Group) -- Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) announces its first quarter financial results and provides a corporate review of recent and upcoming milestones.\nFinavera Renewables CEO Jason Bak said, "We are very pleased with our overwhelming success in the BC Hydro Clean Power Call. The execution of the four long term power purchase agreements with BC Hydro represents the completion of a significant first step along the path to successfully delivering 301 megawatts of clean, renewable energy to the province of British Columbia. Our next steps will be to complete our stakeholder review process and to begin to finalize engineering, turbine supply contracts, and financing arrangements in order to ensure that we can deliver these four projects on time and on budget while creating significant shareholder value."\n\nRecent Milestones\n\n\n >\n\n\nUpcoming Milestones\n\nFinavera is working diligently on project finance and construction plans for the near term Wildmare and Tumbler Ridge Wind projects, both of which have commercial operation dates of November, 2012. Financial Close for the two projects is expected to occur in the summer of 2011, at which point Turbine Supply Agreements, project finance, and all final permitting will be required to be place. The extensive work carried out by Finavera and third party consultants provides the Company with the confidence the projects will be financeable due to healthy rates of return. Finavera is examining a number of financing options for the Company and its projects and a decision is expected to be announced by Q4, 2010.\nThe Company expects to continue to advance project engineering with GENIVAR in the immediate term, with the intent of completing a competitive bid process and selection of an experienced EPC contractor prior to financial close. Turbine supply negotiations are continuing\nwith Tier 1 wind turbine suppliers for the projects. Finavera intends to execute binding Memorandums of Understanding ("MOU's") for turbines during Q2/Q3 2010, in advance of executing final Turbine Supply Agreements in late 2010/early 2011. For the Tumbler Ridge Project, discussions are continuing with GE Energy for the exclusive supply of GE equipment for the project.\nFinavera Renewables will carry out...