Under the terms of the Joint Development Agreement (JDA), GE will provide Finavera Renewables with project development funding up to $7,500,000 for the Company’s Peace Region wind turbines projects. Following an extensive suitability analysis by Finavera, GE shall also be the preferred wind turbines supplier for those projects.
The development funding will be repaid at each respective project’s financial close and does not impact Finavera’s equity position in the projects. GE Energy has co-developed thousands of megawatts of wind power projects in North America and that expertise will be applied to this partnership in order to deliver high return projects on time and on budget.
"We are extremely excited to be working with GE Energy on the development of these wind projects," said Finavera Renewables CEO Jason Bak. "This partnership combines Finavera’s exceptional wind energy projects with GE Energy’s outstanding technical experience to produce a team that will ensure the success of these projects. This deal significantly enhances our ability to move our projects to construction and grow our wind portfolio over the next several years."
In March, Finavera was awarded 25 years electricity purchase agreements for four wind turbine projects totaling 301 megawatts of installed capacity. The JDA will provide Finavera with the funding necessary to continue to achieve project development milestones and to move the projects through to financial close.
The JDA replaces the Development Funding Agreement ("DFA") announced by the Company January 21, 2010. The signing of the JDA also removes the DFA security provision against a minority interest in the Company’s Cloosh Valley wind project.
Finavera Renewables Inc. is dedicated to the development of renewable energy resources. The Company’s objective is to become a major renewable and green energy producer by developing and operating its assets in the wind sector. Finavera Renewables is developing wind energy projects in Canada and Ireland. In British Columbia, Canada, projects totaling 301 MW have been awarded Electricity Purchase Agreements under the Hydro Clean Power Call. In Ireland, one pre-construction wind project is under development with a potential capacity of 105MW. Data collection and environmental studies have been continuing at a number of sites in both countries.