VANCOUVER, July 3, 2014 /CNW/ - Finavera Wind Energy Inc.
("Finavera" or the "Company") (TSX-V: FVR) is pleased to
announce that the 184MW Meikle Wind Energy Project (the "Project"),
initially developed by Finavera and subsequently sold to Pattern
Energy Group LP ("Pattern Development"), the current developer of
the Project, for gross consideration of up to $28 million, has received an Environmental
Assessment Certificate ("EAC"). BC's Environment Minister
Mary Polak and Energy and Mines
Minister Bill Benett made the
decision to grant the EAC after considering the review led by
B.C.'s Environmental Assessment Office ("EAO").
In March 2010, Finavera was
awarded 25 year Electricity Purchase Agreements by BC Hydro for the
47 MW Tumbler Ridge and 117 MW Meikle Wind Energy Projects.
In April 2013 Finavera finalised
terms for the sale of these projects to Pattern Development and
closed the transaction in April 2014. To date, Finavera has
received consideration of approximately $9.3
million from Pattern Development. The remaining
consideration is expected to be received on the arrangement of
construction financing for the Project, anticipated in early
2015.
"As a result of the successful completion of this milestone,
Finavera has more confidence and much less risk in completing the
terms of the sale agreement with Pattern Development. With
proceeds from the sale, Finavera plans to aggressively reduce short
and long term debt and focus on another fast growing area of
renewable energy development. Finavera is working on
transactions to put forward for shareholder approval at our AGM,"
concluded CEO Jason Bak.
Finavera would like to thank our First Nations and community
stakeholders for their support of the Meikle Wind Energy
Project. This project represents a path for BC towards a
clean energy future that can substantially reduce our reliance on
hydrocarbons and the problems they cause.
Jason Bak, CEO
About Finavera Wind Energy Inc.
(www.finavera.com)
Finavera Wind Energy is a
company focused on developing renewable energy opportunities. Our
mission is to create and operate a diversified portfolio of
renewable energy projects while protecting and enhancing the
physical and social environment. Finavera has developed over 360MW
of wind projects and subsequently sold them to utilities or large
independent power producers. Finavera is continuing to
opportunistically review prospects for growth and the enhancement
of shareholder value.
Statements in this news release, other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, constitute
Forward-looking statements. The words "would", "will", "expected"
and "estimated" or other similar words and phrases are intended to
identify forward-looking information. Forward-looking information
is subject to known and unknown risks, uncertainties and other
factors that may cause the Company's actual results, level of
activity, performance or achievements to be materially different
than those expressed or implied by such forward-looking
information. Such factors include, but are not limited to:
uncertainties related to the ability to raise sufficient capital,
changes in economic conditions or financial markets, litigation,
legislative or other judicial, regulatory and political competitive
developments and technological or operational difficulties.
Consequently, actual results may vary materially from those
described in the forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
SOURCE Finavera Wind Energy Inc.