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.



Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Wind Energy Dominates New U.S. Power In October

Data from the Federal Energy Regulatory Commission shows that wind power accounted for over two-thirds of the country's new electricity generating capacity in last month.


Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?

Renewable NRG_id1934
Hybrid Energy Innovations 2015