A formal assessment report prepared by British Columbia’s Environmental Assessment Office concluded the project is not likely to have significant adverse effects, based on the mitigation measures and commitments included as conditions of the EAC.
Once completed, the $125-million Tumbler Ridge Wind Energy Project will generate enough power to provide electricity for up to 18,000 homes.
The 12 month project construction period is expected to generate 560 person years of direct employment, and the operational phase of the project is expected to create 188 person years of full-time direct employment.
“The award of an Environmental Assessment Certificate for the Tumbler Ridge Wind Energy Project marks a successful milestone for Finavera and our project portfolio in British Columbia," said Finavera Wind Energy CEO Jason Bak. "This project has been under development since 2007 and the culmination of this environmental assessment process means we can now move forward towards construction on this project. This EAC marks the final step in a development process that has already secured a power purchase agreement, transmission interconnection, and site control."
He added, "The next steps are to execute a turbine supply agreement, select a construction contractor, secure project financing, and begin construction. This steady progression on the first project in our portfolio reflects Finavera’s prudent, staged approach to development and illustrates the value creation that Finavera can bring to all of the projects in our portfolio.”
In March, 2010, Finavera was awarded 25 year Electricity Purchase Agreements by BC Hydro for the 47 MW Tumbler Ridge, 77 MW Wildmare, 117 MW Meikle, and 60 MW Bullmoose Wind Energy Projects. The Wildmare project is currently in the environmental assessment application review stage, and the Meikle project is being prepared for submission.
“The successful conclusion of the environmental review process, combined with the other key milestones reached, validates the development strategy employed by the Company," Bak said. "We look forward to further success on the other three projects in our near term pipeline, and feel confident the route we have charted will deliver maximum value to shareholders. These projects form the basis for one of the most advanced pipelines of near-term wind energy projects in North America.”
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