Finavera Renewables Inc.: Update on 293 Megawatts of Wind Projects
Finavera Renewables Provides Update on 293 Megawatts of Wind Projects in BC Hydro Clean Power Call
Vancouver, Canada, November 18th, 2009 – Finavera Renewables Inc. (‘Finavera Renewables’ or the ‘Company’) (TSX-V: FVR) is pleased to provide an update on the four wind projects submitted by the Company into the 2008 BC Hydro Clean Power Call. As announced by BC Hydro on November 17th, 2009 all of Finavera’s projects, totaling 293 megawatts, are proceeding to the next step in the Clean Power Call process. BC Hydro has eliminated 21 projects from the Clean Power Call leaving 47 remaining in the process. Of these, ten are wind projects, four of which have been submitted by Finavera and are supported financially by GE Energy Financial Services, a unit of GE.
In a news release BC Hydro stated, “BC Hydro received a total of 68 proposals representing more than 17,000 gigawatt hours per year of electricity. BC Hydro has eliminated 21 proposals that are not proceeding in the Clean Power Call either because proponents withdrew their proposals; the proposals did not meet the requirements of the request for proposals, or the proposals were considered to have too high a level of risk. BC Hydro will now move forward with discussions aimed at securing electricity purchase agreements with the proponents of the 13 proposals that have been identified as the most cost-effective. In addition, BC Hydro will provide an opportunity for the proponents of the remaining 34 proposals to make their proposals more cost-effective. Proposals remaining in the Clean Power Call include hydro, wind and waste heat. BC Hydro intends to begin awarding contracts for the Clean Power Call in December and plans to file the agreements with the British Columbia Utilities Commission in early 2010.”
For a list of proposals continuing in the call process, please go to: www.bchydro.com/planning_regulatory/acquiring_power/clean_power_call/Proposals.html.
Confidentiality provisions governing the Clean Power Call prohibit Finavera Renewables from releasing any information on the status of the Company’s projects, except to confirm that all four projects Finavera bid remain in the Clean Power Call.
Jason Bak, CEO
For more information:
SVP Business Development
+1 (604) 288-9051
About Finavera Renewables Inc. (www.finavera.com)
Finavera Renewables Inc. is dedicated to the development of renewable energy resources and technologies. 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 293 MW have been bid into the 2008 BC Hydro Clean Power Call. In Ireland, one advanced stage project totaling 105 MW is under development. Data collection and environmental studies have been continuing at a number of other sites in both countries.
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of, this release.