Finavera to sell BC wind projects to Pattern for C$40m

Finavera Wind Energy has reached agreement to sell its 300MW project portfolio in British Columbia for C$40m ($40m) to a subsidiary of independent US developer Pattern Energy.

The deal is subject to approval from Finavera shareholders and the TSX Venture Exchange.

It calls for Pattern to refinance up to C$9m of Finavera’s corporate debt, fund certain development costs going forward and provide it with a further debt facility at an annual rate of 10%. The projects that Pattern will acquire are Bullmoose, Meikle, Tumbler Ridge and Wildmare.

Post-acquisition, Pattern has also committed to development spending on the near-term projects. It will pay $11m to Finavera upon shareholder approval and upon full acquisition of the project companies, with the Log in to read complete article.

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