VANCOUVER, Dec. 1 /PRNewswire/ - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) is pleased to announce it has submitted Environmental Assessment Applications ("Applications") for its 47 megawatt ("MW") Tumbler Ridge and 77 MW Wildmare Wind Energy Projects in British Columbia. The Applications were delivered to the Environmental Assessment Office ("EAO") and include detailed descriptions of the projects, summaries of the studies conducted to assess baseline conditions, and an extensive analysis of potential direct and cumulative impacts relating to the construction and operation of the projects. The Tumbler Ridge and Wildmare Wind Energy Projects are two of the Company's four projects that were each awarded 25 year power purchase agreements from BC Hydro in March, 2010. Tumbler Ridge and Wildmare are scheduled to begin construction in 2011 and operation in 2012.
"The submission of these applications is a critical milestone for the development of these two projects. This will ensure that the timelines for project finance, transmission interconnection, and construction can be met," said Finavera Renewables President and COO Peter Leighton. "These applications are the outcome of several years of environmental field work conducted by our dedicated team and with this due diligence completed we are confident we will build these projects with minimal environmental impact."
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 this Application. 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 an Environmental Assessment Certificate to the Company for the projects.
The Projects are currently in the application screening stage (maximum 30 days). If the Applications are deemed to be complete, they will enter the Application Review stage (maximum 180 days). Upon review, they will be considered by the Ministers for an Environmental Assessment certificate (maximum 45 days).
"Our team of in-house professionals and environmental consultants has produced an Environmental Assessment Application that addresses key information on wildlife, ecosystems, First Nations consultation, and economic opportunities. These projects will not only have a positive impact on the environment by helping to reduce greenhouse gas emissions but they will also provide a significant boost to the provincial economy," Leighton concluded.
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.
Jason Bak, CEO
About Finavera Renewables Inc. (www.finavera.com)
Finavera Renewables 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 Scottish and Southern Renewables for the 105MW Cloosh Valley Wind Project. Data collection and environmental studies have 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 Renewables Inc.