Finavera Wind Energy has received an environmental assessment certificate (EAC) for its 49.6MW Tumbler Ridge Wind Energy Project to be located in British Columbia, Canada.
The move comes following a review led by British Columbia’s Environmental Assessment Office (EAO) report which concluded that the $125m project may not have adverse effects, based on the mitigation measures and commitments included in the EAC.
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Finavera Wind Energy CEO Jason Bak said the EAC marks the final step in a development process that has already secured a power purchase agreement, transmission interconnection, and site control.
"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", said Bak.
"The next steps are to execute a turbine supply agreement, select a construction contractor, secure project financing, and begin construction."
Finavera chief executive officer Jason Bak said the successful conclusion of the environmental review process, combined with the other key milestones reached, validates the development strategy employed by the Company.
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By GlobalData"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, said Bak.
"These projects form the basis for one of the most advanced pipelines of near-term wind energy projects in North America."
The 33-turbine project, which is expected to take 12 months to complete, will provide electricity for up to 18,000 homes.
