FVR sells majority interest in...Finavera Renewables sells majority interest inGrid Connection for Ireland's Largest Onshore Wind Project to Scottishand Southern Energy for (euro)8.4 million3 hours ago - ACQUIREMEDIA
VANCOUVERand CLOOSH VALLEY, GALWAY, Ireland, Aug. 25 /CNW/ - Finavera Renewables Inc.("Finavera Renewables" or the "Company") (TSX-V: FVR) is pleased toannounce that it has signed a series of agreements for theco-development of the 105 megawatt ("MW") Cloosh Valley WindProject in CountyGalway, Ireland. Finavera Renewables has signed an agreementwith SSE Renewables (Ireland) Limited, the Republic of Irelandrenewables development division of Scottish and Southern Energy("SSE"), the UKenergy company which previously acquired Irish wind energy companyAirtricity, to sell a majority interest in its wholly owned Gate 3 gridconnection from Eirgrid to SSE for (euro)8.4 million. The (euro)8.4million consideration is payable in staged payments.
Finavera Renewableshas also signed a Co-Development Agreement ("CDA") with SSE andCoillte, the state owned commercial forestry and renewables company, tojointly develop the Cloosh Valley project. Coillte is the landowner atthe project site and has been a development partner on the project withFinavera since 2009. Finavera will retain a 10% equity interest in theproject and will participate in all project development functions andactivities.
Finavera RenewablesCEOJason Baksaid, "We are delighted to be partneringwith Scottish and Southern Energy and Coillte on thedevelopment of the Cloosh Valley Wind project. SSE brings significantdevelopment, construction, and operating experience to this project. Thestrength of the development team now behind the Cloosh Valley projectillustrates the value of this project, which has some of the bestavailable wind resources in Europe.We now have the right team and a clear path to construction and fulloperation of the Cloosh Valley project."
About the Cloosh Valley Wind Project
The Cloosh Valley Wind Project has nameplate capacity ofup to 105MW and has received a Gate 3 Node Assignment from Eirgrid. Thewind resource at the Cloosh Valley project is among the strongest in Europe. The projectcapacity of 105MW would exceed all current onshore wind farms in Ireland and wouldprovide enough electricity for approximately 68,000 homes.
About Scottish and Southern Energy (SSE)
SSE is one of the UK and Ireland's leading energy companies. Itscore purpose is to provide the energy people need in a reliable andsustainable way. It is involved in the generation, transmission,distribution and supply of electricity; energy trading; the developmentof major renewable energy projects; the extraction, storage,distribution and supply of gas; electrical and utility contracting; andtelecoms. SSE owns just over 11,300MW of electricity generationcapacity, including its share of joint ventures and associates. Thismakes it the second largest electricity generator across the UK and Ireland. Thecapacity comprises 4,590MW of gas- and oil-fired capacity, 4,370MW ofcoal-fired capacity (with biomass 'co-firing' capability), and 2,370MWof renewable capacity.
About Coillte
Coillte is a commercial company operating in forestry, timber panelproducts, land based businesses and renewable energy. Coillte employs1,000 people and owns over 445,000 hectares of land, about 7% of theland cover in Ireland.
Jason Bak, CEO