Finavera in Irish wind development deal

Vancouver, British Columbia-based Finavera Renewables (TSX: FVR) announced today that it could start working with a joint venture partner on development of a 105 megawatt wind farm in Ireland.

The company said it signed a letter of intent with a large investor, which it did not identify, for the joint development of the Cloosh Valley Wind Project.

Finavera said the deal would involve further development and an equity investment in the project, which is expected to be operational in 2011.

"This investor has recognized the value of this renewable energy project and we are pleased to bring their capital, development and management experience to this endeavor," said Jason Bak, CEO of Finavera Renewables.

"The potential joint venture is also aligned with our overall business model of bringing large partners to our projects in order to ensure their success."

According to Finavera, there's a proposed transmission line approximately five to 10 kilometers from the project site, with grid connect offers expected to be awarded by EirGrid, the national grid operator, by October 2009.

Finavera said the Cloosh Valley Wind Project could provide power for over 60,000 homes and over €400 million in estimated gross revenue during the life of the wind farm.

Earlier this year, Finavera, which also develops wave power projects, received a preliminary permit from the U.S. Federal Energy Regulatory Commission for a proposed wave energy project in Northern California's Humboldt County (see 100 MW California wave project gets prelim. approval).

The permit allows Finavera to conduct studies including analyses of oceanographic conditions, commercial and recreational activities, and other impacts potentially associated with the planned project.

Cleantech developments making news in the past 24 hours

• AES raises $1.58B with China Investment

View the last week of cleantech developments here | Subscribe to full feed