Finavera Wind Energy announced that the 184MW Meikle Wind Energy Project developed by Finavera and sold to Pattern Energy for $28 million has received an Environmental Assessment Certificate (EAC).
BC’s Environment Minister Mary Polak and Energy and Mines Minister Bill Benett had taken the decision to grant the EAC after a review by Environmental Assessment Office.
In March 2010, Finavera received a 25 year Electricity Purchase Agreements by BC Hydro for the 47 MW and 117 MW Wind Energy Projects. The transaction closed in April 2014, once Finavera finalized the terms for selling the project to Pattern Development.
To date, Finavera has received consideration of $9.3 million from Pattern Development. The remaining will be received on the arrangement of construction financing by 2015.
Finavera with Pattern development are confident in completing the terms of the sale agreement after this achievement.
With proceeds from the sale, Finavera plans to reduce debt and focus on new areas of renewable energy development. Finavera is working on the transactions to submit for shareholder approval.