United States

United States

Finavera signs First Nation MOU for 300MW

CANADA: Finavera Renewable Energy has signed a memorandum of understanding (MOU) with the McLeod Lake Indian Band in British Columbia for the development of four wind projects.

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This is Finavera’s second deal of a possible five First Nation Indian groups required to support the wind farms. Last year, it signed an MOU with Halfway River First Nation.

The projects – Tumbler Ridge (45MW), Wildmare (77MW), Meikle (117MW) and Bullmoose (60MW) — will have a total capacity of 300MW.

According to Finavera, the First Nation groups will have a financial stake in the projects. Other benefits will include job opportunities and training.

Other groups to be brought into the project are West Moberly First Nation, Doig River First Nation and Saulteau First Nations. Negotiations are ongoing.

In May last year, Finavera has secured up to C$7.5 million from GE Energy to further the development of four wind-energy projects that also won power-purchase contracts in the BC Hydro call.

The loan will tide Finavera through the final development stages of the projects to financial close. It will be paid back repaid at the close of each project. GE would also be the preferred wind-turbine supplier for the projects, which have a combined capacity of 301MW and are located in north-eastern British Columbia.

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