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
"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
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
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or operational difficulties. Consequently, actual results may vary materially
from those described in the forward-looking statements.
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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
-0- Jul/03/2014 13:22 GMT
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