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

Utility-Scale Wind And Solar Keep Getting Cheaper

A new study measures the levelized cost of energy from various technologies and suggests that the costs of utility-scale wind and solar power are catching up with those of traditional sources, even without subsidies.


The Song Remains The Same: Ontario Seeks More Science Before Lifting Offshore Ban

The Ontario government says the nearly four-year-old offshore wind moratorium will remain in place until the province fully understands the technology’s impact on the environment.


Why States Should Adopt A Renewable Portfolio Standard

A new study analyzes the potential benefits of state renewable energy mandates, as well as recommends what such policies should include.


Sen. Reid Vows To Bring Wind PTC To A Vote By Year's End

Nevada's senior senator provides some encouragement to wind industry advocates during his annual Clean Energy Summit.


Steadily, Wind Turbine OEMs Resume R&D Investment

An increased commitment to research and development will likely lead to wind energy innovation - not to mention a likely increase in patent-protected technology.

Canwea_id1984
Renewable NRG_id1934
UnitedEquip_id1995
Future Energy_id2008