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.

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