Finavera sells Ireland stake to SSE
Canadian developer Finavera Wind Energy says it has sold a remaining 10% equity interest in the 105MW Cloosh Valley Wind Project in County Galway, Ireland, to SSE Renewables for €2.1m.
Finavera, based in Vancouver, will use most of the proceeds to retire secured debt.
The company in August 2010 signed a co-development agreement for Cloosh Valley, Ireland’s largest onshore wind project, with SSE and Coillte, the state-owned commercial forestry and renewables company.
Under the accord, Finavera will receive €8.4m for 90% project interest with €7.14m expected by 30 September once project financing is arranged, according to Finavera chief executive Jason Bak.
"This transaction is another step towards a stronger balance sheet and the ability to move Finavera in a new direction,” says Bak in a statement.