Finavera to sell 77MW wind farm to Innergex Renewable Energy

29 July 2012 (Last Updated July 29th, 2012 18:30)

Finavera Wind Energy is set to sell its 77MW Wildmare Wind Energy Project to Innergex Renewable Energy for a total of $22m.

Finavera Wind Energy is set to sell its 77MW Wildmare Wind Energy Project to Innergex Renewable Energy for a total of $22m.

The project is located near the community of Chetwynd in north-east British Columbia, Canada.

"This transaction creates a stable platform for long-term growth and allows Finavera to recycle capital and fund the ongoing development of its remaining portfolio of projects."

Finavera Wind Energy CEO Jason Bak said that the deal showed the significant asset value the company has created for shareholders and would provide a strong return on its investment in the development of wind energy for British Columbia.

"This transaction creates a stable platform for long-term growth and allows Finavera to recycle capital and fund the ongoing development of its remaining portfolio of projects," said Bak.

The project has a 25-year power purchase agreement with BC Hydro and is at an advanced stage of permitting.

The deal is subject to customary regulatory approvals and will take place within 60 days.

Both companies will work together to advance the project in the environmental assessment process and will pursue consultation with Finavera's First Nation partners.


Image: Wildmare Wind Energy Project is located near the community of Chetwynd in north-east British Columbia, Canada. Photo: courtesy of Finavera Wind Energy.