Finavera Wind Energy Sells Remaining 10% Equity Interest in 105 Megawatt
Cloosh Valley Wind Project to SSE Renewables for €2.1 million
VANCOUVER, July 21, 2014 /CNW/ - Finavera Wind Energy Inc. ("Finavera" or the
"Company") (TSX-V: FVR) is pleased to announce that it has completed a series
of agreements for the sale of its 10% equity interest in the 105 megawatt
("MW") Cloosh Valley Wind Project in County Galway, Ireland (the "Project") to
SSE Renewables (Ireland) Limited ("SSER") for €2.1 million. The Cloosh
Valley Wind Project, Ireland's largest onshore wind project, was the subject
of a Co-Development Agreement announced August 25(th), 2010 between SSER,
Coillte (the state-owned commercial forestry and renewables company), and
Finavera Wind Energy. The Co-Development Agreement resulted in staged payments
of €8.4 million payable to the Company, in consideration for a 90% interest
in the Project, of which €1.26 million has been received. The remaining
€7.14 million is expected by Q4, 2014. The €2.1 million received from the
sale of Finavera's remaining 10% equity interest in the Cloosh Valley Project
will be used primarily to retire the Company's secured debt.
Finavera Wind Energy CEO Jason Bak said, "Finavera originated and completed
the early stage risk development of the Cloosh Valley Wind Project beginning
in 2005. With the addition of SSER and Coillte as co-development partners in
2010, the Project achieved a number of successful milestones which have
resulted in full planning permission and all major permits being received. We
are confident the Cloosh Valley Wind Project is on track to arrange project
finance later this year. This milestone will trigger the final €7.14 million
payment to Finavera."
"This transaction is another step towards a stronger balance sheet and the
ability to move Finavera in a new direction. Combined with the sale of 184MW
of wind projects in BC, Canada to Pattern Energy, this transaction puts
Finavera in an increasingly stronger cash position in order to capitalize on
new opportunities in the renewable energy marketplace. We appreciate our
shareholders patience as we work to improve our balance sheet, significantly
reduce our working capital requirements and perform due diligence on exciting
new opportunities in the renewable energy sector," concluded CEO Jason Bak.
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: Finavera Wind Energy Inc.
ST: British Columbia
NI: ENV OIL
-0- Jul/21/2014 13:33 GMT
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