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.
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