Business
Finavera Wind Energy Sells Remaining 10% Equity Interest in 105 Megawatt Cloosh Valley Wind Project to SSE Renewables for Euro2.1 million
VANCOUVER , July 21, 2014 /CNW/ - Finavera Wind Energy Inc. ("Finavera" or the "Company"...
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\nVANCOUVER, July 21, 2014 /CNW/ - Finavera Wind Energy Inc. (\"Finavera\" or the \"Company\") (TSX-V: FVR) is pleased to announce that it has completed a series of agreements for the sale of its 10% equity interest in the 105 megawatt (\"MW\") Cloosh Valley Wind Project in County Galway, Ireland (the \"Project\") to SSE Renewables (Ireland) Limited (\"SSER\") for €2.1 million.  The Cloosh Valley Wind Project, Ireland's largest onshore wind project, was the subject of a Co-Development Agreement announced August 25th, 2010 between SSER, Coillte (the state-owned commercial forestry and renewables company), and Finavera Wind Energy. The Co-Development Agreement resulted in staged payments of €8.4 million payable to the Company, in consideration for a 90% interest in the Project, of which €1.26 million has been received.  The remaining €7.14 million is expected by Q4, 2014. The €2.1 million received from the sale of Finavera's remaining 10% equity interest in the Cloosh Valley Project will be used primarily to retire the Company's secured debt.\n\nFinavera Wind Energy CEO Jason Bak said, \"Finavera originated and completed the early stage risk development of the Cloosh Valley Wind Project beginning in 2005.  With the addition of SSER and Coillte as co-development partners in 2010, the Project achieved a number of successful milestones which have resulted in full planning permission and all major permits being received. We are confident the Cloosh Valley Wind Project is on track to arrange project finance later this year. This milestone will trigger the final €7.14 million payment to Finavera.\" \n\n\"This transaction is another step towards a stronger balance sheet and the ability to move Finavera in a new direction.  Combined with the sale of 184MW of wind projects in BC, Canada to Pattern Energy, this transaction puts Finavera in an increasingly stronger cash position in order to capitalize on new opportunities in the renewable energy marketplace.  We appreciate our shareholders patience as we work to improve our balance sheet, significantly reduce our working capital requirements and perform due diligence on exciting new opportunities in the renewable energy sector,\" concluded CEO Jason Bak.\n\nJason Bak, CEO\n\n\n\n\nAbout Finavera Wind Energy Inc. (www.finave...