Finavera Renewables (which has both wind and wave energy projects around the world) has negotiated a deal with an unnamed corporate investor who plans to put up $1 bilion for wind power projects that will create up to 300 megawatts of capacity in British Columbia.
The money is contingent on the approval of a power purchase agreement under the BC Hydro Clean Power Call initiative. The program hopes to stimulate the development of up to 5,000 megawatts of alternative energy capacity, with an ultimate goal of self-sufficiency in the province by 2016 in terms of producing electricity. The deadline for the submissions is Nov. 25, 2008. The purchasing agreements are scheduled to be granted between April and June of next years.