Finavera Renewables' gets go-ahead for Wildmare, Tumbler Ridge Wind projects in British Columbia

Source: Finavera Renewables

Finavera Renewables’ (TSX-V: FVR) 77-megawatt Wildmare and 47-megawatt Tumbler Ridge Wind Energy Projects have successfully passed the screening stage of the British Columbia Environmental Assessment process. 

These projects are two of the Company's four projects that were each awarded 25-year power purchase agreements from BC Hydro in March, 2010. This milestone is on schedule and in line with an estimated $350 million project financing (equity and senior debt) which is expected to close in Q4 2011 followed by commencement of construction immediately thereafter. Commercial operation dates are estimated to be in late 2012, followed by initial revenue. 

"The notification that these projects have passed the Environmental Assessment screening stage assures us that we remain on track to hit our scheduled commercial operation dates for the Wildmare and Tumbler Ridge Wind Energy Projects," said Finavera Wind Energy President and COO Peter Leighton. 

Based on existing conditions and with the mitigation proposed, the projects are not expected to result in any significant impacts for the biophysical, social, heritage, economic and health components assessed for these Applications. The final decision on impacts will be determined by the BC Ministry of Environment and the BC Ministry of Energy and will be reflected in a decision to issue Environmental Assessment Certificates to the Company for the projects. The Projects have passed the screening stage and will enter the Application Review stage shortly. The Application Review stage must be completed in a maximum of 180 days. After the Review stage is complete, they will be considered by the Ministers for an Environmental Assessment certificate (maximum 45 days). 

The Environmental Assessment Application for the Company's 117 MW Meikle Wind Energy Project will be submitted to the EAO in the Spring of 2011, and the Application for the 60 MW Bullmoose Wind Energy Project is scheduled to enter the Environmental Assessment process the following year.

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