Finavera Wind Energy
| Finavera Wind Energy | |
| Public | |
| Traded as | TSX-V: FVR |
| Industry | power generation |
| Founded | 2003 |
| Headquarters | Vancouver, Canada |
|
Key people
|
Jason Bak (CEO) |
| Products | wind energy |
| Website | www |
Finavera Wind Energy Inc. is a publicly traded wind energy development company based in Vancouver, British Columbia, Canada. Formerly named Finavera Renewables Inc., the company develops wind farms in Canada and Ireland.
History
The company was founded in Dublin, Ireland, in 2003. From beginning of 2007, its shares are publicly traded on the TSX Venture Exchange.[1]
On 4 April 4, 2005, Finavera acquired a 10% stake in the wave energy technology company AquaEnergy Group, and in 2006, it acquired rest of the shares in AquaEnergy.[2] AquaEnergy became a wholly owned subsidiary of Finavera and was renamed Finavera Renewables Ocean Energy. It developed the AquaBuOY wave energy conversion technology with plan to install the converter in Makah Bay off the coast of Newport, Oregon. However, in 2010 Finavera Renewables Ocean Energy was sold and Finavera concentrated to the wind energy.[3]
Operations
The company is developing four wind projects in the Peace Region in Northern British Columbia that will provide up to 301 megawatts (MW) of electricity which is approximately consumption of 75,000 households. The program includes of the Tumbler Ridge, Wildmare, Meikle, and Bullmoose wind farms.[4] The program is to be completed in 2015. In March 2010, BC Hydro awarded Finavera with four 25-year electricity purchase agreements under its 2008 Clean Power Call. For financing this program, Finavera has partnered with GE Energy with the signing of a $7.5 million Joint Development Agreement.[5]
Finavera is a minor partner in the 105 MW Cloosh Valley wind project in Ireland. 90% of the project is owned by SSE Renewables, a subsidiary of Scottish and Southern Energy.[6][7]
