According to Finavera, Pattern will pay up to $28m (C$28.3m) in cash for the 117MW Meikle and 47MW Tumbler Ridge wind projects in the province’s northeastern Peace Region, subject to certain conditions that it did not detail.
Pattern will pay an initial $9.3m upon shareholder approval of the transaction and completion of its acquisition of the project companies. The balance of the $28m will be payable on a milestone basis as the projects proceed to construction financing.
Finavera
