Finavera Renewables Inc. has announced it has signed an agreement to purchase the 150MW Three Hills Wind Power Project in Alberta, Canada from a senior oil and gas producer for a total consideration of CAN$ 3.35 million.
The project consists of two 75MW phases for a planned installed capacity of 150MW of wind power on over 16,000 acres of land. Closing of the agreement, scheduled for March 30, 2007, is subject to the consent of the Alberta Electrical System Operator (AESO). The first phase of the project, named Ghost Pine, is 75MW and has received a grid connection offer from the AESO. Ghost Pine is at an advanced stage with construction planned to start in 2008 and commercial operations envisaged to commence in 2009. Wind resource measurements for Phase 2, the Lone Pine Wind Power Project, are continuing with more than 12 months of onsite data collected.
