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 29th, 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 17th, 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 12th, 2014.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
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.
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SOURCE Finavera Wind Energy Inc.For further information: Finavera Wind Energy, Jason Bak, CEO, +1 (604) 288-9051, firstname.lastname@example.org