Finavera Renewables Inc. (CVE: FVR), an up-and-coming Vancouver-based developer and operator of clean energy projects, has singed a pact with GE Energy, the green power arm of General Electric (NYSE: GE), that paves the way for the multinational to invest C$7.5 million toward the development of Finavera's Peace Region wind projects in British Columbia. The funding will be repaid at the financial close of each respective project.
In addition to providing financial support, GE will be the preferred wind turbine supplier for the projects and will lend its vast expertise to the partnership.
GE Energy has co-developed numerous wind projects in North America and Finavera is optimistic that GE's technical know-how and experience in Canada will guarantee project success and allow the company to further expand its wind portfolio.
The timing couldn't be better for Finavera. The Canadian upstart has signed Electricity Purchase Agreements totaling 301 megawatts, racking up C$800 million in project development costs.
Prior to a 20% jump in share price following the deal announcement, Finavera's stock had lost close to half its value over four months on a loss of shareholder confidence in the firm's ability to finance the projects.
Finavera is also developing wind energy projects in Ireland, a country increasingly attracting cleantech investment, where it is in the pre-construction phase on one a wind project expected to produce as much as 105 megawatts of electricity. The company is also conducting ongoing research and environmental studies at a number of prospective sites in Canada and Ireland.
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