Pacific Gas &Electric Co. announced Dec. 18 it agreed to buy electricity from the 2-MW Humboldt County Offshore Wave Energy project proposed by Finavera Renewables Inc. off the coast of northern California.
The Humboldt plant is expected to begin delivering electricity in 2012 to customers throughout PG&E’s northern and central California service territory. The parties said their agreement is the first commercial wave energy power purchase agreement in the U.S. It calls for 3,854 MWh to be delivered annually to PG&E.
�Harnessing the ocean’s energy on a utility scale is a critical achievement in renewable energy technology and this project represents our first step in that direction,� PG&E Energy Procurement Vice President Fong Wan said.
Finavera Renewables has initiated development plans for the project, to be built 2.5 miles off the coast of Humboldt County, Calif. The wave project is expected to offset greenhouse gas emissions by displacing about 245 tons of carbon dioxide annually.
�This power purchase agreement with PG&E represents a major accomplishment for Finavera Renewables and the development of commercial wave energy power projects,� Finavera Renewables Chief Executive Officer Jason Bak said.
Finavera, based in Vancouver, British Columbia, said it plans to develop wave energy projects totaling more than 250 MW off the west coast of North America. (HNN 9/6/07)
In addition to PG&E’s agreement with Finavera, the utility independently filed permit applications with the Federal Energy Regulatory Commission to develop generation projects that would convert wave energy off the coast of Mendocino and Humboldt counties. (HNN 6/21/07)
Named WaveConnect, those projects are undergoing initial resource, environmental, and ocean use assessments. If developed, the utility said, the WaveConnect projects would use wave energy conversion devices to transform the energy of ocean waves into electricity.
Finavera raises C$1.1 million in first tranche
Finavera announced Dec. 17 it closed the first installment of a previously announced private placement, raising C$1.1 million (US$1 million).
A total of 11 million units were placed at C$0.10 (US$0.09) per unit under a non-brokered private placement for gross proceeds of C$1.1 million. Finavera is continuing the private placement, looking to raise a total of C$2 million (US$1.99 million).