According to Finavera Renewables, it has purchased two projects in Alberta, the 75MW Ghost Pine and 75MW Lone Pine, in 2007. The company will retain its 50% ownership of the nearby 75 MW Lone Pine project.
In addition, the decision to sell the Ghost Pine project is the first step to focus on developing high return, core wind power projects. In the medium term, the company plans to execute on its wind structures and bring assets to commercial operation. In the longer term, the company will continue to assemble a diversified mix of revenue producing, renewable energy assets, said the company.
Jason Bak, CEO of Finavera Renewables, said: “The transaction delivers a profitable outcome to Finavera and we believe this is a good opportunity to monetize this investment.”
Finavera Renewables is engaged in the development of renewable energy resources. The company is developing wind energy projects in Canada and Ireland. In Canada, projects totaling 293 MW have been bid into the 2008 BC Hydro Clean Power Call in British Columbia and one 75 MW project is being developed in Alberta, claims the company. In Ireland, two pre-construction wind projects are under development with a capacity of 175MW.
