Jul 28 2010
Finavera Renewables Inc, a company keen on recyclable energy resources, has announced a project development in a joint venture with GE Energy a unit of GE. In accordance with the terms of the Joint Development Agreement (JDA), GE will fund Finavera Renewables to the tune of $7,500,000 for the development of its Peace region wind projects. After an exhaustive process Finavera has chosen GE to supply wind turbines for the proposed project.
Earlier during March this year Finavera was granted electricity purchase agreements for 25 years for four wind turbine projects with 301 MW of installed production capacity. The currently signed JDA will enable Finavera with required funding to complete the project before the close of the financial year. The expansion funding received for the project will be reimbursed at the financial closure of each project and is not expected to jeopardize the participation of Finavera in the projects. Also the earlier experience of GE Energy in developing such wind projects in North America will come handy in the planned partnership and will help in delivering the projects on time during budget.
Jason Bak, who leads Finavera Renewables as its CEO, shared his excitement about working along with GE Energy on developing wind projects. He added that when Finavera's exposure in handling such wind projects combines with the technical experience of GE Energy, it will automatically result in the success of the project. He further explained how the current deal will improve their skills and allow them to expand their range of wind energy products in the coming years.
Source: http://www.finavera.com