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 firstname.lastname@example.org
To contact the editor responsible for this story: Reed Landberg at email@example.com