Finavera Wind Energy is a step closer to selling its 187MW Meikle project in British Columbia to a unit of Pattern Energy after the Canadian province’s electric utility agreed to a key part of the transaction.
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. The developer retains the licenses and permits for those projects and continues to collect data from the sites.