Planning permission is the final regulatory hurdle for the Cloosh Valley Wind Project and, combined with the recent grid connection agreement signed with Eirgrid, provides a clear route to financial close, construction and operation of Ireland's largest onshore wind project. At financial close, the Company will receive a further payment of €7,140,000 due under the terms of the Cloosh Valley sale to SSE announced last August and explained in greater detail below.
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Finavera Wind Energy CEO Jason Bak said: "The receipt of Planning Permission for the Cloosh Valley Wind Project is an important milestone that brings the project closer to financial close, which triggers a substantial payment to Finavera as part of our partnership with SSE. The Cloosh Valley Wind Project was the first project in our portfolio and illustrates our ability to originate and develop high value assets, partner with experienced developers, and extract significant value for shareholders. This value generation is being replicated in British Columbia with our 300 megawatts of contracted projects and will be applied to our development pipeline of future projects."
Once operational, Cloosh Valley will be the largest onshore wind project in Ireland and will generate enough energy to provide electricity to more than 68,000 homes. The project will sell electricity under Ireland's Renewable Energy Feed-In Tariff program.
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