Development Funding Agreement Signed by Finavera Renewables

To meet the ongoing cash flow requirements, a Development Funding Agreement was signed by Finavera Renewables with a global renewable energy firm. The main goal of Finavera Renewables is to become a major green energy producer in the wind sector.

Jason Bak, CEO of Finavera Renewables, said that this agreement advances its position for securing final development funding for the company’s BC wind projects. A minority interest in the Finavera Renewables’ Cloosh Valley wind project was secured to obtain the funding. The minority interest will be held till such time it is repaid or a further agreement is executed.

In the BC Hydro Clean Power Call, the Finavera Renewables has four projects totaling 293 MW. Proposals have been submitted by the company for cost-effective electricity that is attractive to ratepayers in the province as well as for BC Hydro. An extension was granted to BC Hydro recently on certain provision pertaining to the CPC that will see contract awarded before March 31st, 2010 to successful proponents.