Finavera Renewables Welcomes BC Hydro Decision on Clean Power Call
Vancouver, Canada, August 24th, 2009 – Finavera Renewables Inc. (‘Finavera Renewables’ or the ‘Company’) (TSX-V: FVR) is pleased to provide an update on the BC Hydro Clean Power Call (“CPC”) process. BC Hydro has announced energy purchase agreements under the 2008 Clean Power Call are anticipated to be awarded in the Fall of 2009. The Clean Power Call timing was affected after the British Columbia Utilities Commission recently rejected portions of the BC Hydro Long Term Acquisition Plan. In its update, BC Hydro also states that it will be assessing the status of First Nations consultations to determine whether adequate consultation has occurred with respect to the proposed sale of power to BC Hydro.
Finavera Renewables CEO Jason Bak said, “The news that BC Hydro will be proceeding with the Clean Power Call sends a strong message to British Columbians and the renewable energy industry that this province is committed to clean electricity generation. The government of
and BC Hydro have been consistent in their support of the Clean Power Call and this update provides clarity for investors and the industry as a whole. We also welcome the increased scrutiny of First Nations consultations given our commitment to an ongoing and respectful dialogue with First Nations in our project areas.” British Columbia
Finavera Renewables has submitted four projects totaling 293 megawatts into the Clean Power Call. Final turbine suitability studies, wind analyses, and civil, electrical, mechanical, communications designs and contractor cost estimates have been prepared for each project and incorporated into the proposals to BC Hydro. The projects represent an optimal mix of attractive firm energy pricing combined with accurate and realistic capital costs and secured financing. All necessary permits for securing exclusive access to the lands for development of wind energy are in place and in good standing. All other permits are on track for the proposed timelines.
To view the BC Hydro update, please visit: www.bchydro.com/planning_regulatory/acquiring_power/clean_power_call.html
About Finavera Renewables Inc. ()
Finavera Renewables Inc. is dedicated to the development of renewable energy resources and technologies. The Company’s objective is to become a major renewable and green energy producer by developing and operating its assets in the wind sector. Finavera Renewables is developing wind energy projects in
Canadaand . In Ireland British Columbia, , projects totaling 293 MW have been bid into the 2008 BC Hydro Clean Power Call. In Canada , one 75 MW project is being developed. In Alberta , two pre-construction wind projects are under development with a potential capacity of 175MW. Data collection and environmental studies have been continuing at a number of sites in both countries. Ireland
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in theThe TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of, this release
. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This press release contains “forward-looking information” that is based on Company’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the strength of the Company’s proposed wind farms, outlooks and business strategy. 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. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise. United States
Monday, August 24, 2009
This came across my desk today: