Finavera and BC Hydro have signed a Standard Generator Interconnection Agreement ("SGIA") for the Tumbler Ridge Wind Energy Project and an Early Engineering and Procurement Agreement ("EEPA") for the Wildmare Wind Energy Project in the Canadian province of British Columbia.
The Standard Generator Interconnection Agreement signed for the Tumbler Ridge Wind Energy Project is the most critical document in the overall process for interconnecting wind power generation to the British Columbia transmission system. The SGIA identifies the responsibilities of both Finavera and BC Hydro and the detailed steps required to interconnect the Tumbler Ridge Wind Energy Project to the BC Hydro Transmission System. The Agreement also confirms the Commercial Operation Date of November, 2012 for the wind farm is achievable. In connection with the signing of the SGIA, Finavera has provided a $500,000.00 CAD Letter of Credit to BC Hydro as security.
For the Wildmare Wind Energy Project, the Company has signed an Early Engineering and Procurement Agreement with BC Hydro. The agreement allows BC Hydro to commence certain permitting, engineering and procurement activities in a timely manner in advance of a full SGIA being executed. The EEPA also assists Finavera in achieving the November, 2013 Commercial Operation Date for the Wildmare Wind Energy Project in advance of entering a full SGIA. The draft of the SGIA for the Project is currently under negotiation, and it is currently anticipated Finavera will enter into the final SGIA in summer of 2011. In connection with the signing of the EEPA, Finavera has provided a $1,000,000.00 CAD Letter of Credit to BC Hydro as security.
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