Finavera Wind Energy Receives Tumbler Ridge Environmental Approval
VANCOUVER, March 30, 2012 /PRNewswire/ - Finavera Wind Energy Inc. ("Finavera" or the "Company") (TSX-V: FVR) is pleased to announce the Company's 49.6 megawatt ("MW") Tumbler Ridge Wind Energy Project has received an Environmental Assessment Certificate "EAC"). B.C. Minister of the Environment Terry Lake and Minister of Energy and Mines Rich Coleman made the decision to grant the EAC after considering the review led by B.C.'s Environmental Assessment Office ("EAO").
The $125-million project will be located 8 kilometres west of Tumbler Ridge. Once completed, the project will generate enough power to provide electricity for up to 18,000 homes. The 12 month project construction period is expected to generate 560 person years of direct employment, and the operational phase of the project is expected to create 188 person years of full-time direct employment. The EAO Assessment Report concluded the project is not likely to have significant adverse effects, based on the mitigation measures and commitments included as conditions of the EAC.
Finavera Wind Energy CEO Jason Bak said, "The award of an Environmental Assessment Certificate for the Tumbler Ridge Wind Energy Project marks a successful milestone for Finavera and our project portfolio in British Columbia. This project has been under development since 2007 and the culmination of this environmental assessment process means we can now move forward towards construction on this project. This EAC marks the final step in a development process that has already secured a power purchase agreement, transmission interconnection, and site control. The next steps are to execute a turbine supply agreement, select a construction contractor, secure project financing, and begin construction. This steady progression on the first project in our portfolio reflects Finavera's prudent, staged approach to development and illustrates the value creation that Finavera can bring to all of the projects in our portfolio."
In March, 2010, Finavera was awarded 25 year Electricity Purchase Agreements by BC Hydro for the 47 MW Tumbler Ridge, 77 MW Wildmare, 117 MW Meikle, and 60 MW Bullmoose Wind Energy Projects. The Wildmare project is currently in the environmental assessment application review stage, and the Meikle project is being prepared for submission.
"The successful conclusion of the environmental review process, combined with the other key milestones reached, validates the development strategy employed by the Company. We look forward to further success on the other three projects in our near term pipeline, and feel confident the route we have charted will deliver maximum value to shareholders. These projects form the basis for one of the most advanced pipelines of near-term wind energy projects in North America," concluded CEO Jason Bak.
Finavera would like to thank our First Nations and community partners for their support of the Tumbler Ridge project. The Company looks forward to working with them on this and future projects, and generating economic growth in the region.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a wind energy development company focused on developing, constructing, and operating wind farms in North America and Ireland. Our mission is to create and operate a viable renewable energy business while protecting and enhancing the physical and social environment. In British Columbia, Canada, projects totaling 301 MW have been awarded 25 year Electricity Purchase Agreements. In Ireland, the Company has signed a co-development agreement with SSE plc and Coillte Teoranta (the Irish Forestry Board) for the development and construction of Ireland's largest wind farm, the 105MW Cloosh Valley Wind Project. Data collection and environmental studies have also been continuing at a number of prospective sites in Canada and the United States.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words "would", "will", "expected" and "estimated" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE Finavera Wind Energy Inc.
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