Finavera Wind Energy has agreed to sell the 77 MW Wildmare Wind Energy Project for approximately $22 million to Innergex Renewable Energy.
The transaction is expected to close within 60 days, according to Finavera.
The company says the Wildmare project, located near Chetwynd, British Columbia, was awarded a 25-year power purchase agreement with B.C. Hydro and is at an advanced stage of permitting.
During the closing period, Finavera and Innergex will work together to advance the project in the environmental assessment process and to continue consultation with Finavera's First Nation partners.
Finavera's business model involves capturing the significant value uplift during the development phase and then determining the optimum path of asset finance, construction and operation versus asset sale once the project reaches an advanced stage of permitting.
According to Finavera, the transaction validates its business model and allows the company to replicate the process across its British Columbia portfolio, including the 47 MW Tumbler Ridge project, the 117 MW Meikle wind project and the 60 MW Bullmoose wind farm.