The company said that key project highlights include a power sales agreement that will provide long-term predictable cash flow, as Germany’s renewable energy law guarantees a sales price of E0.08 per kWh fed into the grid until 2027.
In addition, the project will use 10 2MW turbines that are under warranty by the manufacturer and subject to a 12-year maintenance agreement with the same German turbine producer.
Finavera Renewables CEO, Jason Bak, said: This opportunity is an important milestone in the development of our company as we grow from a project developer to an owner-operator and asset manager. This project is already under construction and is anticipated to generate clean, green electricity by the end of this year.
Mr Bak concluded: Generated profits can then be reinvested in achieving key wind project milestones and the development of our AquaBuOY wave energy technology. This strategy will drive our company along the path to becoming a major force in the renewable energy industry.
