Finavera Wind Energy finalizes terms for sale of two wind projects to Pattern Energy for $28 Million

Finavera Wind Energy finalizes terms for sale of two wind projects to Pattern 
Energy for $28 Million 
VANCOUVER, April 29, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind 
Energy', 'Finavera' or the 'Company') (TSX-V: FVR) is pleased to announce the 
completion of a Purchase and Sale Agreement with Pattern Renewable Holdings 
Canada ULC, a subsidiary of Pattern Energy Group LP ('Pattern') following 
discussions with BC Hydro and various government agencies. Pattern Energy is 
a large, independent power company operating 1,155MW of wind energy projects 
in Canada, the United States and Chile. Pattern and Finavera have 
prioritized the purchase by Pattern of the Company's Tumbler Ridge and Meikle 
Wind Energy Projects for gross cash consideration of up to $28 million subject 
to certain conditions. Pattern will retain an option for two years from 
closing of this transaction to purchase the Wildmare and Bullmoose Wind Energy 
Projects on similar terms. The Transaction is subject to Shareholder 
Approval and third party consents. 
Finavera CEO Jason Bak states, "This transaction provides a strong return on 
capital invested in these projects and provides a platform for the next stage 
of growth for Finavera Wind Energy. Finavera has established itself as an 
early stage developer of renewable energy projects up to the point where large 
scale capital is required for construction. The incoming cash will be used 
to pay down debt, aggressively manage our burn rate, and embark on a fiscally 
prudent review of opportunities in the marketplace within the next 2 to 6 
months. Given the depressed state of a significant number of junior 
companies with excellent assets, it is an ideal time to be in a strong 
positive cash position." 
Under the terms of the agreement with Pattern, up to $9.3 million will be paid 
to Finavera upon shareholder approval of the transaction and the completion of 
Pattern's acquisition of the project companies. The balance of the $28 million 
will be payable on a milestone basis as the projects proceed to construction 
financing. Pattern has also agreed to provide a credit facility to the 
Company at a rate of 10% per annum, which will be repaid in 2013. The 
agreement is subject to approval from shareholders and the TSX Venture 
Exchange. The Company will be mailing an Information Circular to 
shareholders shortly and a shareholder meeting will be scheduled before the 
end of June to seek approval for the transaction. 
In addition to the consideration due to the Company for this transaction with 
Pattern, Finavera is continuing to develop the 105 megawatt Cloosh Valley Wind 
Project in Co. Galway, Ireland with SSE plc (SSE:LSE). Cloosh Valley is 
currently Ireland's largest onshore wind project and the project is expected 
to attain financing and commence pre-construction activities in Q4 2013. At 
this point, a final payment of €7.14 million (approx. $9.53 million) is due 
to the Company, as per the terms of the agreement signed with SSE in August 
2010. In addition, Finavera maintains a 10% working interest in the Cloosh 
Valley Wind Project. 
"Based on the Pattern transaction and the value of the Cloosh Valley Wind 
Project assets, and using a set of conservative working assumptions, Finavera 
estimates the Company's net asset value to be $0.41 per share. In this market, 
having cash on hand puts Finavera in a strong position to identify and develop 
new opportunities for the benefit of shareholders or to return cash to 
shareholders in the event that opportunities do not arise." concluded Bak. 
On behalf of the Board, 
Jason Bak, CEO 
About Finavera Wind Energy Inc. (www.finavera.com) 
Finavera Wind Energy is a company focused on developing wind farms in North 
America and Ireland. Our mission is to create and operate a diversified 
portfolio of wind projects while protecting and enhancing the physical and 
social environment. In British Columbia, Canada, four projects totaling 300 MW 
have been awarded 25 year AAA-rated Electricity Purchase Agreements and one 
has received full environmental approval and permitting for construction. In 
Ireland, the Company has signed a partnership agreement with SSE plc for 
development of the 105MW Cloosh Valley Wind Project, which is expected to 
begin construction in 2013. Finavera is continuing to opportunistically review 
prospects for growth and the enhancement of shareholder value. 
About Pattern Energy Group (www.patternenergy.com) 
Pattern Energy Group LP is an independent, fully-integrated energy company 
that develops, constructs, owns, and operates renewable energy and 
transmission assets in the United States, Canada and Latin America. With a 
long history in wind energy, Pattern's highly-experienced team of scientists, 
engineers, construction experts, and legal and financial professionals has 
developed, financed and placed into operation nearly 3,000 MW of wind power 
projects. A strong commitment to promoting environmental stewardship drives 
the Company's dedication to work closely with landowners and communities to 
create premier renewable energy projects. Pattern currently operates 
approximately 1,000 MW of installed wind energy capacity in North America and 
Puerto Rico. The Company's full development pipeline exceeds 3,000 MW of 
renewable energy and transmission projects. Pattern has offices in San 
Francisco, San Diego, Houston, New York, and Toronto. 
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."  
Finavera Wind Energy Jason Bak CEO +1 (604) 288-9051 info@finavera.com 
SOURCE: Finavera Wind Energy Inc. 
To view this news release in HTML formatting, please use the following URL: 
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CO: Finavera Wind Energy Inc.
ST: British Columbia
NI: OIL ENV ORDER  
-0- Apr/29/2013 12:30 GMT
 
 
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