in News Departments > Projects & Contracts
print the content item

Vancouver, British Columbia-based Finavera Renewables Inc. has completed a purchase and sale agreement with Ghost Pine Wind Farm, a wholly owned subsidiary of a major U.S. utility, for the sale of its 75 MW Ghost Pine Wind Project in Alberta, for total proceeds of C$4.5 million.

The company will retain its 50% ownership of the nearby 75 MW Lone Pine project.

"This transaction puts our company in a much stronger financial position during these difficult market conditions and allows us to continue developing a strong pipeline of projects in British Columbia, Ireland and Alberta," says Jason Bak, CEO of Finavera Renewables.

The decision to sell the Ghost Pine project is part of the company's strategic plan to focus on developing high return, core wind power projects in order to maximize value and balance risks for shareholders.

The Ghost Pine project faced deteriorating credit markets and non-firm power pricing, which reinforced the company's decision to monetize this asset. The immediate primary focus remains the continued development of its wind projects in British Columbia and Ireland through partnerships and/or joint venture arrangements.

Finavera plans to execute on its wind structures and bring these assets to commercial operation. In the longer term, the company will continue to assemble a diversified mix of revenue-producing, renewable energy assets.

Proceeds from this transaction will be used primarily for working capital and the continued development of 293 MW of wind projects entered into the BC Hydro Clean Power Call in British Columbia and the development of the 105 MW Cloosh Valley wind project in Ireland.

SOURCE: Finavera Renewables Inc.


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