Finavera Completes Assignment of 184MW of wind projects to Pattern Energy

 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. ( 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.  Finavera Wind Energy, Jason Bak, CEO, +1 (604) 288-9051,  To view this news release in HTML formatting, please use the following URL:  CO: Pattern Energy Group LP ST: British Columbia NI: ENV OIL ORDER  
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