Wind energy company selling Canadian portfolio for $40.5mn

Finavera Wind Energy Inc. (TSX: FVR) signed an agreement with Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group LP, for the sale of the company's 300 MW British Columbia wind project portfolio for approximately C$40 million ($40.5 million) subject to shareholder and regulatory approvals.

Under the terms of the agreement, Pattern has agreed to refinance up to C$9 million ($9.1 million) of corporate debt, fund certain development costs going forward and provide a further debt facility to the company at a rate of 10 percent, all of which will be applied against the purchase price at closing of the acquisition of the projects.

Post-acquisition, Pattern has also committed to development spending on the near term projects.  Approximately C$11 million ($11.1 million) will be paid to Finavera upon shareholder approval and upon completion of the acquisition of the project companies, with the balance of the C$40 million ($40.5 million) being proportionally payable upon all projects obtaining construction financing and moving into the construction phase.

Read more mergers and acquisitions news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...