Finavera buys 150 MW project in Alberta

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Finavera Renewables, a Vancouver developer, has closed its C$3.35 million purchase of a 150 MW wind project prospect in Alberta from Calgary-based Penn West Petroleum Ltd. The Three Hills Wind Power Project, to be built about 120 kilometres northeast of Calgary, consists of two 75 MW phases, the first of which is expected to start construction in 2008 and reach commercial operation in 2009. It will sell power into the Alberta spot market where, says CEO Jason Bak, prices are expected to rise over the next two to four years as electricity supplies start to tighten. "With a conservative estimate of 208,000 MWh/year of electricity generation for Phase 1, our retention of the project's green credits and the upside from the Phase 2 expansion, we are confident that this asset will provide an excellent revenue base," he states.

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