Finavera Renewables Inc. has announced it has completed the purchase of Three Hills Wind Power project and development assets in Alberta, Canada.
They purchased the project?from Penn West Petroleum Ltd., a wholly owned subsidiary of Penn West Energy Trust for a purchase price of CAN$ 3,350,000. The Project, located northeast of Calgary, consists of two 75MW phases for a planned total installed capacity of 150MW of wind power. This Project now becomes the company's most advanced wind project, with construction estimated for 2008 and revenue generation projected to begin in 2009.
