Finavera Renewables: Development Funding Agreement
inavera Renewables Inc. has signed a Development Funding Agreement (“DFA”) with a global renewable energy firm. Funding would be used to meet ongoing cash flow requirements.
Finavera Renewables CEO Jason Bak said, “This agreement is a step towards obtaining final development funding for our BC wind projects upon the award of power purchase agreements in the BC Hydro Clean Power Call.”
The funding is secured against a minority interest in the Company’s Cloosh Valley wind project until such time as a further agreement is executed or it is repaid.
Finavera would also like to take this opportunity to provide a brief update on its wind projects in British Columbia. The Company has 293MW in four projects in the BC Hydro CPC and has submitted proposals for cost effective electricity that are attractive to BC Hydro and ratepayers in the Province. BC Hydro was recently granted an extension on certain provisions relating to the CPC that will see contracts awarded to successful proponents before March 31st, 2010.
Jason Bak, CEO
SVP Business Development