Meikle Wind Energy Project Granted Environmental Assessment Approval

 Meikle Wind Energy Project Granted Environmental Assessment Approval  VANCOUVER, July 3, 2014 /CNW/ - Finavera Wind Energy Inc. ("Finavera" or the  "Company") (TSX-V: FVR) is pleased to announce that the 184MW Meikle Wind  Energy Project (the "Project"), initially developed by Finavera and  subsequently sold to Pattern Energy Group LP ("Pattern Development"), the  current developer of the Project, for gross consideration of up to $28  million, has received an Environmental Assessment Certificate ("EAC").  BC's  Environment Minister Mary Polak and Energy and Mines Minister Bill Benett made  the decision to grant the EAC after considering the review led by B.C.'s  Environmental Assessment Office ("EAO").  In March 2010, Finavera was awarded 25 year Electricity Purchase Agreements by  BC Hydro for the 47 MW Tumbler Ridge and 117 MW Meikle Wind Energy Projects.   In April 2013 Finavera finalised terms for the sale of these projects to  Pattern Development and closed the transaction in April 2014.  To date,  Finavera has received consideration of approximately $9.3 million from Pattern  Development.  The remaining consideration is expected to be received on the  arrangement of construction financing for the Project, anticipated in early  2015.  "As a result of the successful completion of this milestone, Finavera has more  confidence and much less risk in completing the terms of the sale agreement  with Pattern Development.  With proceeds from the sale, Finavera plans to  aggressively reduce short and long term debt and focus on another fast growing  area of renewable energy development.  Finavera is working on transactions to  put forward for shareholder approval at our AGM," concluded CEO Jason Bak.  Finavera would like to thank our First Nations and community stakeholders for  their support of the Meikle Wind Energy Project.  This project represents a  path for BC towards a clean energy future that can substantially reduce our  reliance on hydrocarbons and the problems they cause.  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.  Finavera Wind Energy, Jason Bak, CEO, +1 (604) 288-9051, info@finavera.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/July2014/03/c1908.html  CO: Pattern Energy Group LP ST: British Columbia NI: ENV OIL  
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