Business
Finavera Wind Energy Provides Update on Corporate Transaction
VANCOUVER, Oct. 5, 2012 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the '...
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Oct. 5, 2012 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSX-V: FVR) is pleased to provide an update on the current discussions\n relating to the acquisition of the Company.\n\n\nFinavera has expanded its discussions with four potential bidders for\n the Company.  These discussions are at an advanced stage and initial\n offers are expected shortly.\n\n\nIn addition, there are a number of new entrants who have signed\n Non-Disclosure Agreements and are currently reviewing data in the\n Company's data room and conducting initial due diligence.  Capital West\n Partners, an experienced merger and acquisitions advisor, is responding\n to their inquiries and will review offers received. Capital West will\n then present its recommendation to the Special Committee of the Board,\n which is composed of four independent directors.  The Special Committee\n is charged with ensuring that the review of a proposed transaction is\n made without conflict of interest between the Company and its\n directors, controlling shareholders and management.\n\n\nThe four potential bidders in advanced discussions with the Company have\n completed significant due diligence including thorough reviews of the\n Company's documentation, site visits to a number of project locations,\n confirmation of turbine supply pricing and construction costs and an\n assessment of the financial returns from the projects.  Finavera is\n moving expeditiously to consummate a transaction in the near term.\n\n\nJason Bak, CEO\n\n\nAbout Finavera Wind Energy Inc. (www.finavera.com)\nFinavera Wind Energy is a company focused on developing, constructing\n and operating wind farms in North America and Ireland. Our mission is\n to create and operate a diversified portfolio of wind projects while\n protecting and enhancing the physical and social environment. In\n British Columbia, Canada, four projects totaling 300 MW have been\n awarded 25 year AAA-rated Electricity Purchase Agreements and one has\n received full environmental approval and permitting for construction,\n expected to begin in 2013. In Ireland, the Company has signed a\n partnership agreement with SSE plc for development of the 105MW Cloosh\n Valley Wind Project. Finavera is continuing to opportunistically review\n prospects for growth and the enh...