Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Finavera to Sell Two British Columbia Wind Projects to Pattern

April 29 (Bloomberg) -- Finavera Wind Energy Inc., a Canadian renewable power developer, agreed to sell two wind projects in British Columbia to Pattern Energy Group LP for C$28 million ($27.6 million).

Pattern will pay as much as C$9.3 million after the deal closes, and the balance will be payable on a milestone basis as the projects proceed to construction financing, Vancouver-based Finavera said today in a statement.

The companies “prioritized” the purchase by Pattern of Finavera’s Tumbler Ridge and Meikle projects, though Pattern retains an option for two years to acquire its Wildmare and Bullmoose projects, which were part of the original purchase agreement announced in December. British Columbia Hydro & Power Authority has agreed to purchase for 25 years the electricity from the four projects that total 300 megawatts of capacity.

Finavera will repay debt with the sale proceeds and plans to “embark on a fiscally prudent review of opportunities in the marketplace within the next two to six months,” Chief Executive Officer Jason Bak said in the statement. The company in October said it was in talks with four potential bidders.

Bak didn’t immediately reply to phone and e-mail messages today.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.