Vancouver-based developer Finavera Wind Energy says that it has named Capital West Partners as a financial advisor to review offers which could lead to a sale of the company.
Finavera says it is currently in discussions with three potential bidders for the company and its assets, and notes that Capital West is an experienced merger and acquisitions advisor that has experience with renewable energy assets based in British Columbia.
Finavera says a potential transaction would the allow the company to:
Complete the financial closing for the 47 MW Tumbler project;
Complete the final studies relating to the issue of the Wildmare Wind Energy Project's environmental assessment certificate;
Commence the Meikle Wind Energy Project's environmental review process; and
Repay or refinance its existing debt obligations.
According to Finavera, the bidders have completed significant due diligence milestones including a review of the company's data, site visits to a number of project locations and financial returns from the projects.
Finavera says it intends to move quickly to explore proposals and complete the transaction in the near term.