in News Departments > New & Noteworthy
print the content item

Vancouver, British Columbia-based Finavera Renewables Inc. has secured a C$10 million development loan from a European private family fund and current shareholder.

The project development funding will be made available to the company following the award of an energy purchase agreement under the BC Hydro Clean Power Call (BC CPC), and will be used to secure the required letters of credit and provide for other ongoing project expenses and working capital. It is anticipated that the loan will be repaid through the arrangement of project finance and that terms and conditions of the loan will be finalized following the BC CPC award.

"This funding commitment provides financial certainty to Finavera Renewables and will allow us to move forward quickly on final permitting and construction upon the award of power purchase agreements from BC Hydro in the Clean Power Call," says Jason Bak, CEO of Finavera Renewables.

Finavera Renewables has submitted four projects totaling 293 MW into the BC CPC. Final wind turbine suitability studies, wind analyses, and civil, electrical, mechanical, communications designs and contractor cost estimates have been prepared for each project and incorporated into the proposals to BC Hydro.

All necessary permits for securing exclusive access to the lands for development of wind energy are in place and in good standing. All other permits are on track for the proposed timelines.

SOURCE: Finavera Renewables Inc.


Trachte Inc._id1770
Latest Top Stories

Senate Passes Tax Extenders Bill With Wind PTC Extension

The legislation, which passed in the U.S. House earlier this month, will renew the critical production tax credit through the end of 2014 - giving developers only about two weeks left to start construction.


Transmission Study Shows Nebraska Could Handle A Lot More Wind Power

A new report released by the Nebraska Power Review Board finds that the state already has enough infrastructure to accommodate at least 2 GW of additional wind generation.


Can Wind Energy And Birds Coexist? Environmental Group Says Yes

The Environmental Defense Fund, a supporter of responsible wind energy development, points out ways to help mitigate impacts of turbines on birds and bats.


Another Study Finds Wind Turbines Do Not Affect Nearby Property Values

Research conducted by the University of Guelph focused on regions in Ontario, and the conclusion echoes that of previous studies.


Too Little, Too Late? U.S. House Approves Wind PTC Extension

The U.S. House of Representatives has passed a tax extenders package that would renew the wind production tax credit (PTC) and about 50 other expired tax breaks through 2014. The wind industry argues the short-term fix is virtually no fix at all.

Hybrid Energy Innovations 2015