Finavera, Pattern seal Meikle deal

Finavera Wind Energy says it has finalized an agreement to sell the 184MW Meikle project in British Columbia’s Peace Region for C$28m ($25.4m) to a unit of US developer Pattern Energy Group.

The closing triggered a C$9.3m payment by Pattern Renewable Holdings Canada to Finavera which it will use to repay a project loan from Pattern.

Balance of transaction funds will be paid to Finavera at the close of construction financing, subject to receipt of required permits and approvals.

Construction on Meikle is expected to begin in early 2015. Electricity from the project will be sold to British Columbia’s electric utility.