One beneficiary of BC Hydro’s clean-power call in March announced Monday it secured up to $7.5 million from the energy business unit of General Electric Co. (GE) to develop wind energy projects in B.C.’s Peace region.
GE will also supply turbines for Finavera Renewables Inc.’s (TSX-V: FVR) projects under the terms of a joint development agreement. GE had previously committed to funding Vancouver-based Finavera’s projects.
That commitment helped the clean power producer land energy purchase agreements from BC Hydro for its four wind properties, which Finavera claims could produce 293 megawatts or enough electricity to power 75,000 homes annually.
Development funding is to be repaid to GE at each respective project’s financial close, according to Finavera, and does not impact Finavera’s equity position in the projects.
Finavera CEO Jason Bak said the partnership allows Finavera to move more quickly towards the construction phase and to grow its wind portfolio during the next several years.
Bak told BIV in March that the company expects to have all permitting for its wind projects completed in 2010 and to receive a final environmental approval in early 2011. (See “Wind and wave: A tale of two renewable energy sources in B.C.” – issue 1065; March 23-29, 2010)