Finavera has three other wind energy projects in the area, and the company believes the success of this sale validates their business model of capturing value during the development phase and then choosing between construction and operation or sale.
Finavera Wind Energy CEO Jason Bak says, “We are extremely pleased to sign this agreement with Innergex for the sale of the Wildmare Wind Energy Project. This transaction illustrates the significant asset value Finavera has created for shareholders and provides a strong return on our investment in the development of wind energy for British Columbia.”
Before the sale is complete, Finavera says it and Innergex will work together to move the project forward in its Environmental Assessment process and continue to consult with local First nations. The deal is expected to be closed within 60 days.
The Wildmare Wind Energy Project’s target for operation is 2014.
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