Finavera Wind Energy ( Solar Thermal Magazine ) -VANCOUVER, CANADA- Finavera Wind Energy Inc. (‘Finavera Wind Energy’, ‘Finavera’ or the ‘Company’) (TSX-V: FVR) is pleased to announce it has received a final $16.5 million of consideration, primarily in the form of debt forgiveness, from Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group LP (‘Pattern Development’) as the final amount payable under the Purchase and Sale Agreement for 184 megawatts (MW) of wind projects, previously announced on April 29th, 2013.
The final consideration has been received earlier than the anticipated date in Q1 2015, based in part on the successful development of the Meikle Project. The $16.5 million consideration is in addition to the $9.3 million previously received by the Company from Pattern Development as previously announced on April 17th, 2014.
The receipt of the final payment from Pattern Development was used primarily to retire secured debt in the Company. Combined with the recent sale of the Company’s remaining 10% interest in the Cloosh Valley Wind Project for €2.1 million, this transaction is another step towards a stronger balance sheet and the ability to capitalize on new opportunities in the renewable energy marketplace. Further information on the Company’s strategic plan will be released in advance of the Company’s AGM on September 12th, 2014.
Jason Bak, CEO
About Finavera Wind Energy Inc.
Finavera Wind Energy is a company focused on developing renewable energy opportunities. Our mission is to create and operate a diversified portfolio of renewable energy projects while protecting and enhancing the physical and social environment. Finavera has developed over 360MW of wind projects and subsequently sold them to utilities or large independent power producers. Finavera is continuing to opportunistically review prospects for growth and the enhancement of shareholder value.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.