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

Gamesa sells 74 MW Mexico wind farm

Gamesa turned over ownership of a 74-MW wind farm in Mexico to Grupo México.

TECO Energy to sell coal mining business for $170mn

TECO Energy (NYSE: TE) signed an agreement to sell its coal mining unit, TECO Coal and its subsidiaries, to Cambrian Coal Corp. for $170 million.

Follow Power Engineering on Twitter

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.

Latest News

Shutterstock coal production trucks

Weekly Coal Production

The Weekly Coal Production shows how much coal is being produced across the U.S.

Federal Reserve Bank of Dallas Weekly Economic Indicators financial business

The Federal Reserve Bank of Dallas' Economic Indicators

The Federal Reserve Bank of Dallas offers a glimpse into how the markets are doing domestical...

Kvaerner awarded contract for gas-fired power plant in Delaware

Kvaerner North American Construction Inc. and its joint venture partner, Parsons Brinckerhoff...

Canadian Solar purchases two solar projects

Canadian Solar Inc. has acquired a majority interest in two utility-scale solar power project...

Operators Restart Unit 2 at PPL Susquehanna

Unit 2 at the PPL Susquehanna nuclear power plant near Berwick, Pa. resumed generating electr...

Settlement agreement limits cost recovery at Edwardsport

The Indiana Utility Regulatory Commission (IURC) on Dec. 27 modified and approved a settlemen...

Toshiba in talks to sell portion of Westinghouse nuclear unit

Toshiba Corp is in talks  to sell up to 16% of its stake in the Westinghouse Electric Co...

Utah nixes nuclear waste storage facility

Plans to park radioactive waste at a storage facility in Utah have been officially called off.

Archived Articles

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

Buyers Guide Categories

Power Engineering Current Issue

10/01/2014
Volume 118, Issue 10
1410pe-cover

Buyers Guide Company Listings

CAS DataLoggers

Manufacturer of data acquisition and control systems including high performance real-time systems. For use in data acquisition, test and control applications featuring microsecond precision.

Krishnan & Associates

Krishnan & Associates is a specialized consulting firm that provides marketing, market analysis, executive recruitment, and merger and acquisition services to the power, infrastructure, and coal mining industries.

North American Dismantling Corp

Established in 1984, North American Dismantling Corp is a demolition/dismantling contractor specializing in heavy industrial demolition, selective demolition, remediation, plant stripouts, plant decommissioning, emergency response, and turnkey acquisitions.

Contec Systems

Contec Systems develops continuous emission monitoring (CEMS), user-configurable, Windows-based data acquisition software systems (DAHS) offered to CEMS integrators, OEMs, and end users.

Power Industry Wire News

Hula Partners Names Luke Marson as Chief Cloud HCM Architect

Hula Partners Names Luke Marson as Chief Cloud HCM Architect

Shipments of Princeton Power Systems' GTIB Converter Product Line Surpass 50 Megawatts

Shipments of Princeton Power Systems' GTIB Converter Product Line Surpass 50 Megawatts

The 2.4 Million Reasons We're Flying the Flag for Lung Month

The 2.4 Million Reasons We're Flying the Flag for Lung Month

CyberFuels, Inc. "Singular 96(TM)" Certified by California Independent Laboratory for Measures of MPG, Performance, and Environmental Impact

CyberFuels, Inc. "Singular 96(TM)" Certified by California Independent Laboratory for M...

Midwest Energy Emissions Corp. Announces 2014 Annual Meeting of Shareholders, and Business Update Meeting

Midwest Energy Emissions Corp. Announces 2014 Annual Meeting of Shareholders, and Busin...

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 >>


Power Engineering Newscasts

EPA chief: carbon caps will boost economy
Australia, Russia enter nuclear power agreement with Argentina
Largest battery energy storage in North America now operational
EPA chief: carbon caps will boost economy Largest battery energy storage in North America now operational Australia, Russia enter nuclear power agreement with Argentina Texas’ Panda Temple combined cycle plant up and running
Siemens agrees to acquire Dresser-Rand
Safety concrete poured at UAE nuclear reactor power project
Foster Wheeler to upgrade natural gas-fired power plant’s emission controls
GE, TransCanada partner on natural gas turbine design
Energy storage global market to grow to $15.6B by 2024; DOE awards $2M to support taller wind turbine towers; Hinkley Point C nuclear project have financial incentives approved; N.J. company building waste-to-energy project in Ireland