Finavera Wind sells two wind projects for $28M

Pattern Energy acquires acquires Tumble Ridge, Meikle wind projects, with option to acquire two more.

VANCOUVER – Finavera Wind Energy Inc. has completed the sale of two large-scale BC wind energy projects in a deal worth $28 million.

The deal includes Finavera’s Tumbler Ridge and Meikle wind projects. Pattern will also retain an option for two years from closing to purchase the Wildmare and Bullmoose wind projects. The deal is subject to shareholder and third party approvals.

Pattern Energy operates 1,155MW of wind energy projects in Canada, the US and Chile.

Under the terms of the agreement with Pattern, up to $9.3 million will be paid to Finavera upon shareholder approval of the transaction and the completion of Pattern’s acquisition of the project companies. The balance of the $28 million will be payable on a milestone basis as the projects proceed to construction financing.

Finavera says it will continue to develop its 105 mega watt Cloosh Valley Wind Project in Co. Galway, Ireland with SSE plc.  Cloosh Valley is currently Ireland’s largest onshore wind project, expected to commence pre-construction activities in late 2013.

Vancouver-based Finavera Wind Energy develops wind farms in North America and Ireland. The company has four wind projects totaling 300 mega watts in BC.

Pattern Energy Group develops, constructs, owns and operates renewable energy and transmission assets in the US, Canada and Latin America. The San Francisco-based company has developed, financed and placed into operation nearly 3,000 mega watts of wind power projects.