Finavera Wind Energy Inc (TSX-V: FVR), a Vancouver-based company focused on developing renewable energy opportunities, has completed its previously announced sale of 184 megawatts of wind projects to Pattern Energy Group LP (NASDAQ: PEGI) (TSX: PEG). The gross cash consideration was $28 million. Pattern Energy, a wind and transmission platform based in San Francisco, has been a portfolio investment of U.S. private equity firm Riverstone Holdings since 2009. The company went public in 2013.
Finavera Completes Sale of Wind Assets to Pattern Energy
VANCOUVER, April 17, 2014 /CNW/ – Finavera Wind Energy Inc. (‘Finavera Wind Energy’, ‘Finavera’ or the ‘Company’) (TSX-V: FVR), Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group LP (‘Pattern’) have completed the Purchase and Sale Agreement for 184 megawatts (MW) of wind projects, previously announced on April 29th, 2013, for gross cash consideration of $28 million.
Concurrent with closing, Finavera has received consideration of $9.3 million from Pattern. Commencement of construction site activities on the 184MW Meikle Project is expected in early 2015, with the balance of funds due to be paid to Finavera at the close of construction financing, subject to receipt of required permits and approvals. For more information on project timelines, please see www.meiklewind.com.
The closing of the Pattern transaction provides a solid platform for the next stage in Finavera’s development. Further information on the Company’s strategic plan will be released in the short term.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a company focused on developing renewable energy opportunities. Our mission is to create and operate a diversified portfolio of renewable energy projects while protecting and enhancing the physical and social environment. Finavera has developed over 360MW of wind projects and subsequently sold them to utilities or large independent power producers. Finavera is continuing to opportunistically review prospects for growth and the enhancement of shareholder value.
Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
SOURCE Finavera Wind Energy Inc.
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