Finavera Wind Energy Receives Final $16.5 million Earn Out from Pattern Energy
VANCOUVER, July 30, 2014
VANCOUVER, July 30, 2014 /PRNewswire/ - Finavera Wind Energy Inc. ('Finavera
Wind Energy', 'Finavera' or the 'Company') (TSX-V: FVR) is pleased to announce
it has received a final $16.5 million of consideration, primarily in the form
of debt forgiveness, from Pattern Renewable Holdings Canada ULC, a subsidiary
of Pattern Energy Group LP ('Pattern Development') as the final amount payable
under the Purchase and Sale Agreement for 184 megawatts (MW) of wind projects,
previously announced on April 29^th, 2013. The final consideration has been
received earlier than the anticipated date in Q1 2015, based in part on the
successful development of the Meikle Project. The $16.5 million consideration
is in addition to the $9.3 million previously received by the Company from
Pattern Development as previously announced on April 17^th, 2014.
The receipt of the final payment from Pattern Development was used primarily
to retire secured debt in the Company. Combined with the recent sale of the
Company's remaining 10% interest in the Cloosh Valley Wind Project for €2.1
million, this transaction is another step towards a stronger balance sheet and
the ability to capitalize on new opportunities in the renewable energy
marketplace. Further information on the Company's strategic plan will be
released in advance of the Company's AGM on September 12^th, 2014.
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.
Contact: Finavera Wind Energy, Jason Bak, CEO, +1 (604) 288-9051,
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