VANCOUVER, July 3, 2014 /CNW/ - Finavera Wind Energy Inc. ("Finavera" or the "Company") (TSX-V: FVR) is pleased to announce that the 184MW Meikle Wind Energy Project (the "Project"), initially developed by Finavera and subsequently sold to Pattern Energy Group LP ("Pattern Development"), the current developer of the Project, for gross consideration of up to $28 million, has received an Environmental Assessment Certificate ("EAC"). BC's Environment Minister Mary Polak and Energy and Mines Minister Bill Benett made the decision to grant the EAC after considering the review led by B.C.'s Environmental Assessment Office ("EAO").
In March 2010, Finavera was awarded 25 year Electricity Purchase Agreements by BC Hydro for the 47 MW Tumbler Ridge and 117 MW Meikle Wind Energy Projects. In April 2013 Finavera finalised terms for the sale of these projects to Pattern Development and closed the transaction in April 2014. To date, Finavera has received consideration of approximately $9.3 million from Pattern Development. The remaining consideration is expected to be received on the arrangement of construction financing for the Project, anticipated in early 2015.
"As a result of the successful completion of this milestone, Finavera has more confidence and much less risk in completing the terms of the sale agreement with Pattern Development. With proceeds from the sale, Finavera plans to aggressively reduce short and long term debt and focus on another fast growing area of renewable energy development. Finavera is working on transactions to put forward for shareholder approval at our AGM," concluded CEO Jason Bak.
Finavera would like to thank our First Nations and community stakeholders for their support of the Meikle Wind Energy Project. This project represents a path for BC towards a clean energy future that can substantially reduce our reliance on hydrocarbons and the problems they cause.
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.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE: Finavera Wind Energy Inc.
For further information: Finavera Wind Energy, Jason Bak, CEO, +1 (604) 288-9051, [email protected]