Finavera Wind Energy Sells 77-Megawatt Project to Innergex

Finavera Wind Energy Inc. (FVR), a Canadian wind-power developer, agreed to sell a 77-megawatt project in northeast British Columbia to Innergex Renewable Energy Inc. (INE)

Innergex will pay about C$22 million ($21.8 million) for the Wildmare Wind Energy Project, Vancouver-based Finavera said in a statement today. The transaction is expected to close within 60 days.

The project includes a 25-year power-purchase agreement with British Columbia Hydro & Power Authority and is in the advanced stages of permitting, according to the statement.

“This transaction illustrates the significant asset value Finavera has created for shareholders and provides a strong return on our investment in the development of wind energy for British Columbia,” Finavera Chief Executive Officer Jason Bak said in the statement.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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