Finavera Wind Energy Receives Final $16.5 million Earn Out from Pattern Energy

 Finavera Wind Energy Receives Final $16.5 million Earn Out from Pattern Energy  VANCOUVER, July 30, 2014 /CNW/ - 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. ( 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: OIL UTI ENV LOAN MNA  
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