Finavera Wind Energy finalizes $28mn sale of wind projects to Pattern Energy

Finavera Wind Energy Pattern Renewable wind Canada

Finavera Wind Energy Inc. has announced the completion of the sale of two of its wind power projects for C$28 million ($27.7 million) to Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group LP.

Pattern acquired Finavera’s Tumbler Ridge and Meikle Wind Energy Projects for gross cash consideration of up to $28 million, subject to certain conditions, and retains an option for two years from closing to purchase Finavera’s Wildmare and Bullmoose Wind Energy Projects on similar terms.

Pattern will pay Finavera up to $9.3 million on shareholder approval of the transaction and the completion of Pattern’s acquisition of the project companies, with the balance payable on a milestone basis as the projects proceed to construction financing.

Read more business 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

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...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...