Finavera Renewables to co-develop 150MW wind project, sell majority interest in grid connection

Source: Finavera Renewables Inc

Finavera Renewables Inc.(TSX-V: FVR) is pleased to announce that it has signed a series of agreements for the co-development of the 105 megawatt Cloosh Valley Wind Project in County Galway, Ireland. Finavera Renewables has signed an agreement with SSE Renewables Limited, the Republic of Ireland renewables development division of Scottish and Southern Energy (SSE), the UK energy company which previously acquired Irish wind energy company Airtricity, to sell a majority interest in its wholly owned Gate 3 grid connection from Eirgrid to SSE for EU 8.4 million (US $ 10.7 million). The EU 8.4 million consideration is payable in staged payments. 

Finavera Renewables has also signed a Co-Development Agreement with SSE and Coillte, the state owned commercial forestry and renewables company, to jointly develop the Cloosh Valley project. Coillte is the landowner at the project site and has been a development partner on the project with Finavera since 2009. Finavera will retain a 10% equity interest in the project and will participate in all project development functions and activities. 

Finavera Renewables CEO Jason Bak said, "We are delighted to be partnering with Scottish and Southern Energy and Coillte on the development of the Cloosh Valley Wind project. SSE brings significant development, construction, and operating experience to this project. The strength of the development team now behind the Cloosh Valley project illustrates the value of this project, which has some of the best available wind resources in Europe. We now have the right team and a clear path to construction and full operation of the Cloosh Valley project." 

The Cloosh Valley Wind Project has nameplate capacity of up to 105 MW and has received a Gate 3 Node Assignment from Eirgrid. The wind resource at the Cloosh Valley project is among the strongest in Europe. The project capacity of 105 MW would exceed all current onshore wind farms in Ireland and would provide enough electricity for approximately 68,000 homes. 


For the most up to date and in-depth information on the Wind Energy market visit PennEnergy's comprehensive Research area to access industry focused Reports.



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