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

Sponsored by FLSmidth

Related Articles

Hawaii energy executives tell lawmakers plans for takeover

An official at NextEra Energy told Hawaii lawmakers that his company does not plan to lay off staff if it acquires Hawaiian Electric.

Pattern grows wind and solar developments in Japan with GPI deal

Pattern Energy Group Inc. (Nasdaq: PEGI) said its Pattern Energy Group LP (Pattern Development) subsidy acquired a majority stake in a Japanese investment corporation.

Follow Power Engineering on Twitter

Latest News

Weekly Coal Production Report

The Weekly Coal Production Report has been updated for the week ended January 24, 2015.

Hawaii energy executives tell lawmakers plans for takeover

An official at NextEra Energy told Hawaii lawmakers that his company does not plan to lay off...

Dominion seeks rate freeze against opposition on many fronts

Virginia's biggest electric utility wants to weaken state oversight of its rates, saying the ...

GE to supply turbines for wind power project in China

GE (NYSE: GE) will supply 55 units of its 2.75-120 brilliant wind turbines to Huaneng Corp.’s...
Renewable Roundtable Discussion

Power Engineering Photo of the Day

Company to supply doors to Chernobyl nuclear plant site

Groupe Gorge, through its subsidiary, Baumert, won a new order to supply technical doors to t...

Siemens to maintain California natural gas-fired power plant

Siemens (NYSE: SI) was awarded a long-term service agreement for the 507-MW Blythe Energy Cen...

Nuclear capacity must double to 1200 GW by 2050, report says

The International Energy Agency (IEA) and the Organisation for Economic Cooperation and Devel...

Power Engineering Current Issue

01/01/2015
Volume 119, Issue 1
1501pe-cover-lg

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015

Buyers Guide Categories

Power Industry Wire News

Vectren Declares Quarterly Dividend

Vectren Declares Quarterly Dividend

NV5 Appoints Francois Tardan to Board of Directors

NV5 Appoints Francois Tardan to Board of Directors

Enbridge Energy Partners, L.P. Confirms Distribution Increase for Fourth Quarter 2014

Enbridge Energy Partners, L.P. Confirms Distribution Increase for Fourth Quarter 2014

Walter Energy Garners West Virginia State Safety Awards

Walter Energy Garners West Virginia State Safety Awards

McKenzie Bay Intl. and CGE Energy Statement to Shareholders

McKenzie Bay Intl. and CGE Energy Statement to Shareholders

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>