Canada - Finavera Renewables’ British Columbia wind energy project bids backed by GE

Finavera Renewables Inc. announced today its bid to develop four wind energy projects in British Columbia. To facilitate the bid into BC Hydro’s 2008 Clean Power Call, Finavera Renewables has signed a memorandum of understanding with GE Energy Financial Services, a unit of GE, for proposed financing of up to 295 megawatts of clean wind power projects in the Peace region in northeast British Columbia.

Finavera Renewables will develop and pay permitting, public consultation and environmental assessment certification costs for the four wind projects: Bullmoose, Meikle, Wildmare and Tumbler Ridge. Should BC Hydro award an Energy Purchase Agreement to Finavera Renewables, GE Energy Financial Services would have the exclusive right to fund and/or arrange equity and debt financing. The combined capital cost of the four projects is estimated to be $800 million.

Completion of the financing for Finavera Renewables’ wind projects is subject to corporate and regulatory approvals, completion of due diligence, finalization of documentation, approval of GE’s investment committees, the award of an Energy Purchase Agreement from BC Hydro and other conditions. "With the support of GE Energy Financial Services, we are submitting four very strong bids into the BC Hydro Clean Power Call for Proposals," said Finavera Renewables’ CEO Jason Bak. "This marks an exciting development in the growth of Finavera Renewables as we begin to realize the value of our pipeline of wind projects. We also continue to expand our project pipeline to create even greater long-term value for shareholders.”

GE Energy Financial Services has amassed a US $4 billion portfolio of renewable energy projects worldwide, including the 196-megawatt East Toba River/Montrose Creek run-of-river hydroelectric power project in British Columbia.

"GE is providing technical and financial support to help renewable energy developers in British Columbia meet the province's renewable energy objectives," said Mark Tonner, Managing Director at GE Energy Financial Services in Canada. “In addition to helping Finavera Renewables achieve its goals, wind energy investing complements our environmentally friendly hydroelectric power investments in British Columbia and aligns with GE’s ecomagination initiative.” Ecomagination is GE’s initiative to help its customers meet their environmental challenges while expanding its own portfolio of cleaner energy products.