Finavera One Step Closer to Completion of Meikle Project Sale for $28 Million

Meikle Wind Project Site

Finavera Wind Energy is one step closer to finalizing Pattern Energy Group LP’s acquisition of the Meikle Wind Energy Project.   Finavera Wind Energy Inc. ,Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group LP  and British Columbia Power and Hydro Authority,  today executed agreements that provide for the Assignment of the 184 MW Meikle Wind Energy Project Electricity Purchase Agreement (‘Meikle EPA’) from Finavera to Pattern.

This assignment of assets is the last major milestone outstanding to close the sale of the Meikle project for gross cash consideration of $28 million. Both companies will continue work to finalize this sale in the short term.

Concurrent with the assignment of the Meikle EPA to Pattern, and as required by BC Hydro, 116MW of EPAs have been cancelled. Finavera retains the licenses and permits for those projects and continues to collect data from the sites.

Finavera’s CEO, Jason Bak, said that the company “continues to work diligently on a strategic plan for the Company. The imminent close of the Pattern transaction will provide a solid platform for the next stage in Finavera’s development. Further information on the Company’s strategic plan will be released following the close of the Pattern transaction”.

 

Tracey Smith About Tracey Smith
Tracey is an accountant and entrepreneur with a passion for nature. This passion is what spurred her interest in renewable energy, and the rest is history as they say. Tracey is a principal in Energy Think Group, the publisher of Solar Thermal Magazine and Tek-Think. She is also the principal at Women's Financial Help Desk. She spends her free time in the outdoors with her horses and dogs. She loves to travel.