Finavera Renewables Secures $10 Million Funding Commitment
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 03, 2009) - Finavera
Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX
VENTURE: FVR) is pleased to announce it has secured a $10,000,000
development loan from a European private family fund and current
shareholder. The project development funding will be made available
to the Company following the award of an Energy Purchase Agreement
under the BC Hydro Clean Power Call ("BC CPC"), and will be used to
secure the required letters of credit and provide for other ongoing
project expenses and working capital. It is anticipated that the loan
will be repaid through the arrangement of project finance and that
terms and conditions of the loan will be finalized following the BC
CPC award.
CEO Jason Bak said, "This funding commitment provides financial
certainty to Finavera Renewables and will allow us to move forward
quickly on final permitting and construction upon the award of power
purchase agreements from BC Hydro in the Clean Power Call. The
ongoing support of our current shareholder will allow us to move
confidently through this next phase of our development."
Finavera Renewables has submitted four projects totaling 293
megawatts ("MW") into the BC CPC. 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. 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. The Company is
also developing another 175 MW of wind projects in Ireland and
Alberta, Canada.
Jason Bak, CEO
About Finavera Renewables Inc. (www.finavera.com)
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 Canada and Ireland. In British
Columbia, Canada, projects totaling 293 MW have been bid into the
2008 BC Hydro Clean Power Call. In Alberta, one 75 MW project is
being developed. In Ireland, two pre-construction wind projects are
under development with a potential capacity of 175 MW. Data
collection and environmental studies have been continuing at a number
of sites in both countries.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any securities in the United States.
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.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of, this release.
Contacts:
Finavera Renewables
Myke Clark
SVP Business Development
604-288-9051
mclark@finavera.com
www.finavera.com
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.