ABB_id2059
in News Departments > Projects & Contracts
print the content item

Finavera Wind Energy Inc. has finalized a $28 million purchase and sale agreement with Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group LP, for Finavera's 47 MW Tumbler Ridge and 117 MW Meikle wind energy projects.

Under the terms of the agreement, up to $9.3 million will be paid to Finavera upon shareholder approval of the transaction and the completion of Pattern's acquisition of the project companies.

The balance of the $28 million will be payable on a milestone basis as the projects proceed to construction financing. Pattern has also agreed to provide a credit facility to the Finavera at a rate of 10% per annum, which will be repaid this year. The agreement is subject to approval from shareholders and the TSX Venture Exchange.

"This transaction provides a strong return on capital invested in these projects and provides a platform for the next stage of growth for Finavera Wind Energy,” says Finavera CEO Jason Bak. “Finavera has established itself as an early-stage developer of renewable energy projects up to the point where large-scale capital is required for construction. The incoming cash will be used to pay down debt, aggressively manage our burn rate, and embark on a fiscally prudent review of opportunities in the marketplace within the next two to six months.”


Hybrid Energy Innovations 2015

Trachte_id2056
Latest Top Stories

The Song Remains The Same: AWEA Says Stable Policy Can Protect U.S. Wind Investment

Although the U.S. wind industry added more than four times the amount of wind in 2014 compared with 2013, predictable policy is needed to sustain its long-term success.


High Net-Worth Investors Claim 'All Of The Above' On Energy, Renewable And Otherwise

According to a recent Morgan Stanley poll, high-dollar investors favor investment in renewable energy technologies, such as wind and solar.


U.S. Wind Power Installations Surpassed 4.7 GW Last Year, Although China Still Leads

Bloomberg New Energy Finance reports that U.S. wind installations came back in a big way from a disappointing 2013.


IRS Specifies Performance, Quality Standards For Small Wind Turbines

The Internal Revenue Service (IRS) recently issued guidelines creating safety and performance standards for small wind turbines to be eligible for the 30% investment tax credit.


Hot Times North Of The Border: Canada Tops Previous Record For Installed Wind Capacity

For the second consecutive year, Canada's wind market has bested the country's previous mark for new installations.

Hybrid Energy Innovations 2015