Finavera Wind Energy, the developer behind the 184 MW Meikle Wind Energy Project, located in British Columbia, says the project has received its environmental assessment certificate from British Columbia's Environmental Assessment Office.
Finavera sold the wind project to Pattern Development in April and received approximately $9.3 million.
According to Jason Bak, chief executive officer of Vancouver-based Finavera, additional proceeds are expected once construction financing is finalized in early 2015.
Bak says obtaining the environmental certificate gives Finavera confidence that the project will get built – therefore, fulfilling the terms of its sales agreement with Pattern.
‘As a result of the successful completion of this milestone, Finavera has more confidence and much less risk in completing the terms of the sale agreement with Pattern Development,’ explains Bak. ‘With proceeds from the sale, Finavera plans to aggressively reduce short- and long-term debt and focus on another fast-growing area of renewable energy development. Finavera is working on transactions to put forward for shareholder approval.