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