Canada-based Finavera Wind Energy Inc. has received the final $16.5 million payment from Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group, for the previously announced sale of 184 MW of wind assets.
According to Finavera, the final payment was made primarily in the form of debt forgiveness and was received ahead of the planned date in the first quarter of 2015. In April, the company said it had received $9.3 million from Pattern, with the balance to be paid at the close of construction financing for the Meikle wind project, located in British Columbia.
Finavera says the receipt of the final payment was used primarily to retire secured debt in the company. Combined with the recent sale of Finavera's remaining 10% interest in the Cloosh Valley wind project, this transaction is another step toward a stronger balance sheet and the ability to capitalize on new opportunities in the renewable energy marketplace, the company adds.