VANCOUVER, April 17, 2014 /CNW/ - Finavera Wind Energy
Inc. ('Finavera Wind Energy', 'Finavera' or the 'Company')
(TSX-V: FVR), Pattern Renewable Holdings Canada ULC, a subsidiary
of Pattern Energy Group LP ('Pattern') have completed the Purchase
and Sale Agreement for 184 megawatts (MW) of wind projects,
previously announced on April
29th, 2013, for gross cash consideration of
$28 million.
Concurrent with closing, Finavera has received consideration of
$9.3 million from Pattern.
Commencement of construction site activities on the 184MW
Meikle Project is expected in early 2015, with the balance of funds
due to be paid to Finavera at the close of construction financing,
subject to receipt of required permits and approvals. For
more information on project timelines, please see
www.meiklewind.com.
The closing of the Pattern transaction provides a solid platform
for the next stage in Finavera's development. Further information
on the Company's strategic plan will be released in the short
term.
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.