Finavera Wind Energy Sells Remaining 10% Equity Interest in 105 Megawatt Cloosh Valley Wind Project to SSE Renewables for €2.

 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. ( 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: Finavera Wind Energy Inc. ST: British Columbia NI: ENV OIL  
Press spacebar to pause and continue. Press esc to stop.