VANCOUVER, March 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') and British Columbia Power
and Hydro Authority ('BC Hydro'), today executed agreements that
provide for the Assignment of the 184 MW Meikle Wind Energy Project
Electricity Purchase Agreement ('Meikle EPA') from Finavera to
Pattern. The assignment of the Meikle EPA from Finavera to
Pattern is the last major milestone outstanding to close the
Pattern acquisition of the Meikle project for gross cash
consideration of $28 million.
Finavera and Pattern will be working diligently to finalize this
sale in the short term.
Concurrent with the assignment of the Meikle EPA to Pattern, and
as required by BC Hydro, 116MW of EPAs have been cancelled.
Finavera retains the licenses and permits for those projects and
continues to collect data from the sites.
Finavera continues to work diligently on a strategic plan for
the Company. The imminent close of the Pattern transaction will
provide a solid platform for the next stage in Finavera's
development. Further information on the Company's strategic plan
will be released following the close of the Pattern
transaction.
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.