The three sides agreed that Finavera will assign its project electricity purchase agreement (EPA) to Pattern, the last major milestone outstanding to close the up-to-$28m acquisition deal in the “short-term,” according to Finavera.

Pattern will forgive $9.3m of Finavera’s debt as part of the deal.

The project is located in British Columbia’s Peace Region.

Separately, BC Hydro cancelled 116MW of EPAs for several other Finavera projects.