Business
Finavera Wind Energy, GE Energy Financial Services Progress toward Proposed Investment in British Columbia Wind Farm
Feb. 15, 2011 (Canada NewsWire Group) -- VANCOUVER, Feb. 15 /CNW/ - GE Energy Financial Servi...
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\n Feb. 15, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nVANCOUVER, Feb. 15 /CNW/ - GE Energy Financial Services, a unit of GE\n (NYSE: GE), has agreed on the indicative terms of an equity investment\n in a 77-megawatt wind farm that Finavera Wind Energy Inc. ("Finavera"\n or the "Company") (TSXV: FVR) plans to build in British Columbia's Peace River Region.\n\n\nFinavera, formerly Finavera Renewables, Inc., and the GE unit are\n working to convert the indicative terms into a binding agreement under\n which GE Energy Financial Services, subject to satisfaction of\n conditions precedent, would provide cash equity for the Wildmare Wind\n Energy project. Finavera would provide the non-cash equity, including\n the energy contract, permits and development work to date, and serve as\n managing partner. Based on current financial information, it is\n estimated that Finavera would retain a 30 percent economic interest.\n The two companies would jointly arrange debt financing and retain a\n third-party engineering firm to oversee construction of the project.\n Execution of the equity investment agreement is subject to customary\n corporate and regulatory approvals, completion of ongoing due\n diligence, satisfactory documentation and approval by each company's\n Board of Directors. Additional financial details were not disclosed.\n Further details will be released upon execution of final documentation.\n\n\n"This is the first of several milestones we ex...