The development funding will be repaid at each respective project’s financial close and does not impact Finavera’s equity position in the projects. According to Finavera, GE will also be the preferred wind turbine supplier for the projects.
Jason Bak, CEO of Finavera, said: “This partnership combines Finavera’s exceptional wind projects with GE Energy’s outstanding technical experience to produce a team that will ensure the success of these projects. This deal significantly enhances our ability to move our projects to construction and grow our wind portfolio over the next several years.”
In March, Finavera was awarded 25 years electricity purchase agreements for four wind turbine projects totaling 301MW of installed capacity.
The JDA replaces the development funding agreement (DFA) announced by Finavera in January 21, 2010. The signing of the JDA also removes the DFA security provision against a minority interest in Finavera’s Cloosh Valley wind project.
