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.”



Trachte Inc._id1770
Latest Top Stories

Setting The Record Straight: How Many Birds Do Wind Turbines Really Kill?

Several peer-reviewed studies are more or less in agreement with avian mortality rates caused by wind turbines. However, one study, which is wildly off from the others, is most often cited in the media. Why?


Six Takeaways From The IRS' Start Of Construction Guidance: What You Need To Know

The IRS recently issued guidance to wind developers to further spell out what "start of construction" means. Will you be covered?


Eagle Take Permits For Wind Farms - Will They Fly?

Now that the U.S. Fish and Wildlife Service has issued the first permit allowing the legal take of eagles, can wind developers expect more certainty in the agency's application process?


Despite 2013 Challenges, U.S. Wind Power Reaches All-Time Low Price

In a new report, the U.S. Department of Energy details the highs and lows of the country's wind industry last year, and the agency maintains that the U.S. sector remains strong.


Mexico On Pace To Set New Renewables Investment Record

A new report says the country has spent $1.3 billion on clean energy in the first half of 2014 and could end up seeing a record year. Furthermore, wind power is slated for significant growth in the region.

Canwea_id1984
Renewable NRG_id1934
UnitedEquip_id1995
Tower Conference_id1965