21 Dec '12, 5pm

Finavera Sells 300 MW British Columbia Wind Energy Portfolio - North American Windpower

to sell a 300 MW British Columbia wind project portfolio to Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group LP, for C$40 million. Finavera will maintain a 10% interest in the 105 MW Cloosh Valley Wind Project and is expecting an additional C$9.3 million payment from the project in 2013. Under the terms of the agreement, Pattern has agreed to refinance up to C$9 million of corporate debt, fund certain development costs going forward and provide a further debt facility to the company at a rate of 10%, 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 will be paid to Finavera upon shareholder approval. The agreement is subject to approval from shareholders and the TSX Venture...

Full article: http://www.nawindpower.com/naw/e107_plugins/content/conte...

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