GE and Finareva partner to build a 77 MW wind farm in Canada

GE Energy Financial Services, a unit of GE, has agreed on the indicative terms of an equity investment in a 77 MW wind farm that Finavera Wind Energy plans to build in British Columbia’s Peace River Region. Finavera and the GE unit are working to convert the indicative terms into a binding agreement under which GE Energy Financial Services, subject to satisfaction of conditions precedent, would provide cash equity for the Wildmare Wind Energy project. Finavera would provide the non-cash equity, including the energy contract, permits and development work to date, and serve as managing partner. Based on current financial information, it is estimated that Finavera would retain a 30% economic interest. The Wildmare Wind Energy Project, with an estimated capital cost of $200m, is located in an area with world-class wind speeds and guaranteed access to transmission. The project has a 25-year power purchase agreement with BC Hydro.