VANCOUVER, 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.
Finavera 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."
"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.
Jason Bak, CEO
About Finavera Wind Energy Inc.
(www.finavera.com)
Finavera Wind Energy is a
company focused on developing renewable energy opportunities. Our
mission is to create and operate a diversified portfolio of
renewable energy projects while protecting and enhancing the
physical and social environment. Finavera has developed over 360MW
of wind projects and subsequently sold them to utilities or large
independent power producers. Finavera is continuing to
opportunistically review prospects for growth and the enhancement
of shareholder value.
Statements in this news release, other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, constitute
Forward-looking statements. The words "would", "will", "expected"
and "estimated" or other similar words and phrases are intended to
identify forward-looking information. Forward-looking information
is subject to known and unknown risks, uncertainties and other
factors that may cause the Company's actual results, level of
activity, performance or achievements to be materially different
than those expressed or implied by such forward-looking
information. Such factors include, but are not limited to:
uncertainties related to the ability to raise sufficient capital,
changes in economic conditions or financial markets, litigation,
legislative or other judicial, regulatory and political competitive
developments and technological or operational difficulties.
Consequently, actual results may vary materially from those
described in the forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
SOURCE Finavera Wind Energy Inc.