Finavera Completes Assignment of 184MW of wind projects to Pattern Energy
VANCOUVER, March 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') and British
Columbia Power and Hydro Authority ('BC Hydro'), today executed agreements
that provide for the Assignment of the 184 MW Meikle Wind Energy Project
Electricity Purchase Agreement ('Meikle EPA') from Finavera to Pattern. The
assignment of the Meikle EPA from Finavera to Pattern is the last major
milestone outstanding to close the Pattern acquisition of the Meikle project
for gross cash consideration of $28 million. Finavera and Pattern will be
working diligently to finalize this sale in the short term.
Concurrent with the assignment of the Meikle EPA to Pattern, and as required
by BC Hydro, 116MW of EPAs have been cancelled. Finavera retains the licenses
and permits for those projects and continues to collect data from the sites.
Finavera continues to work diligently on a strategic plan for the Company. The
imminent close of the Pattern transaction will provide a solid platform for
the next stage in Finavera's development. Further information on the Company's
strategic plan will be released following the close of the Pattern transaction.
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
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.
Finavera Wind Energy, Jason Bak, CEO, +1 (604) 288-9051, firstname.lastname@example.org
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CO: Pattern Energy Group LP
ST: British Columbia
NI: ENV OIL ORDER
-0- Mar/17/2014 13:39 GMT
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