Vancouver, British Columbia-based Finavera Renewables, a developer of renewable energy resources, has decided not to proceed with the acquisition of a 20 MW wind farm in Germany in light of current market conditions, according to the company.
Finavera currently has a working capital deficiency of C$4.1 million. The wind farm vendor has indicated it is open to ongoing discussions should Finavera's intent change.
‘Market conditions for small-cap companies have been difficult with the recent subprime mortgage meltdown and subsequent impacts,’ says Jason Bak, CEO of Finavera. ‘We are currently assessing the optimal route for financing in these conditions, with a view to avoiding undue shareholder dilution.’