July 22nd, 2008
More big money for work on wind. Yes, that's $1 billion.
Finavera Renewables (which has both wind and wave energy projects around the world) has negotiated a deal with an unnamed corporate investor who plans to put up $1 bilion for wind power projects that will create up to 300 megawatts of capacity in British Columbia.
The money is contingent on the approval of a power purchase agreement under the BC Hydro Clean Power Call initiative. The program hopes to stimulate the development of up to 5,000 megawatts of alternative energy capacity, with an ultimate goal of self-sufficiency in the province by 2016 in terms of producing electricity. The deadline for the submissions is Nov. 25, 2008. The purchasing agreements are scheduled to be granted between April and June of next years.
Here are some more specifics on the pending Finavera deal.
Heather Clancy is an award-winning business journalist in the New York area with more than 20 years experience covering the high-tech industry. See her full profile and disclosure of her industry affiliations. See her full profile and disclosure of her industry affiliations.
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