VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2008) - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE: FVR.V) is pleased to announce it has completed all of the significant environmental field work on its 75 megawatt Ghost Pine wind project in Alberta, Canada. The field work included wildlife, vegetation and land use studies, historical resource investigations and approvals, avian and raptor surveys, and preliminary geotechnical surveys. The project's final detailed design is close to conclusion and the next step is to submit a planning application to the Alberta Energy and Utilities Board (EUB). The EUB application is expected to be submitted this spring, and if approved, will result in portions of construction commencing in the fall of this year. It is expected that turbine foundation construction and erection would take place in 2009 with a targeted in service date of December 2009. The Company is currently negotiating financing options for the project.
Key project highlights:
- Environmental field work, preliminary design, turbine siting and wind data analysis completed. Detailed design and EUB application underway.
- An interconnection commitment from the Alberta Electrical Services Operator. Interconnection facility deposit paid in the amount of $1.8 million.
- Turbine supply contract negotiations underway.
- Lease options for 16,000 acres in project area, 25 year land leases available on exercise of the land lease options.
- Potential Phase 2 with an additional 75 MW capacity, wind resource assessment currently underway.
Finavera Renewables CEO Jason Bak said, "The Ghost Pine wind project is our most advanced wind asset and we are now moving into an integral phase in its development. If approved, it is planned that the Ghost Pine wind project will quickly move from the development phase to the construction phase. It is exciting to see this advanced project hitting key milestones on the path to construction and revenue generation for Finavera Renewables."
Jason Bak, CEO
