in News Departments > Projects & Contracts
print the content item

Canada-based Finavera Wind Energy Inc. has received the final $16.5 million payment from Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group, for the previously announced sale of 184 MW of wind assets.

According to Finavera, the final payment was made primarily in the form of debt forgiveness and was received ahead of the planned date in the first quarter of 2015. In April, the company said it had received $9.3 million from Pattern, with the balance to be paid at the close of construction financing for the Meikle wind project, located in British Columbia.

Finavera says the receipt of the final payment was used primarily to retire secured debt in the company. Combined with the recent sale of Finavera’s remaining 10% interest in the Cloosh Valley wind project, this transaction is another step toward a stronger balance sheet and the ability to capitalize on new opportunities in the renewable energy marketplace, the company adds.



IOWA Economic Development id2073

Trachte_id2056
Latest Top Stories

More Investors Entering Tax Equity Market; Returns Holding Steady

The entry of new tax equity investors to the wind space last year re-ignited an old debate.


Report: Top 10 Turbine OEMs Had Record Year In 2014

Preliminary findings suggest Vestas reigned supreme again among the world's leading wind turbine makers. How did some of the other OEMs fare?


AWEA's Gramlich To FERC: Additional Transmission Needed Regardless Of Clean Power Plan

To further build a more balanced and reliable electricity portfolio, the U.S. needs to build more transmission capacity.


Getting A Grip On Grinding Gearboxes: Why Such Events Need Not Be Showstoppers

Despite advances in gearbox reliability - namely, from condition monitoring systems and greater design standardization - challenges remain.


How Wind Energy Can Meet EPA Clean Power Plan Requirements

According to the American Wind Energy Association, wind power is a cost-effective solution for complying with the environmental effort.

Hybrid Energy Innovations 2015