Friday, October 26, 2007

Offshore Wave Energy going forward with Finavera

Two of the biggest barriers to the adoption of offshore wave energy, government commitment and financing, took a positive step forward this week. Finavera Renewables announced yesterday that it will undergo a round of financing to raise $23 million. The company anticipates the round will close in November. The money raised will be used to close on a previously announced wind project in Germany, as well as to help finance ongoing corporate purposes. The wind project is operational and will produce an anticipated 20MW, the revenues of which will also help fund Finavera’s offshore wave technology.

Also occurring this week, Finavera hosted a reception on Tuesday night for the British Columbia Premier Gordon Campbell and a delegation from Oregon led by Governor Ted Kulongoski. At the reception, both Premier Campbell and Governor Kulongoski committed their support for renewable energy in general and offshore wave energy specifically. Given the State of Oregon’s previous actions in pushing forward a business energy tax credit, it’s clear that offshore wave energy has a bright future in helping Oregon reach its aggressive renewable energy target of 25 percent by 2020.

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