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Finavera Renewables Inc., a Vancouver, British Columbia-based wind project developer, has agreed to purchase the 150 MW Three Hills Wind Power Project in Alberta, Canada, for C$3.35 million from an unnamed senior oil and gas producer.

The Three Hills Wind Power Project consists of two 75 MW phases for a planned installed capacity of 150 MW of power on over 16,000 acres of land, the company says. The first phase of the project, named Ghost Pine, has received a grid connection offer from the Alberta Electrical System Operator (AESO) under Alberta's self-imposed 900 MW wind energy cap. Ghost Pine is scheduled to begin construction in 2008 and commercial operation in 2009.

"These projects are Finavera Renewables' first step toward expanding its wind power development operations outside of British Columbia and Ireland, with near term revenue generation potential," comments Bertan Atalay, Finavera Renewables' chief operating officer.

According to Finavera, the agreement closing is scheduled for March 30, 2007, and is subject to AESO's approval.

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