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.
"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.