As per the agreed terms, Finavera will sell the 117MW Meikle and 47MW Tumbler Ridge wind projects, located in British Columbia.
Commenting on the deal, Finavera CEO Jason Bak said that the cash received through the transaction will be used to pay down debt, manage the company’s burn rate, and embark on a fiscally prudent review of opportunities in the marketplace within the next two to six months.
In addition, Pattern will retain an option for two years from closing of this transaction to purchase the Wildmare and Bullmoose Wind Energy Projects on similar terms.
The electricity generated from the four projects with a total capacity of about 300MW will be purchased by the British Columbia Hydro & Power Authority for 25 years, reports the businessweek.com.
The Transaction is subject to shareholder approval and third party consents.
Finavera Wind Energy, a wind energy development company, focuses on the development, construction, and operation of wind farms in North America and Ireland.
