These discussions are at an advanced stage, and initial offers are expected shortly, the company notes.
In addition, there are a number of new entrants who have signed non-disclosure agreements and are currently reviewing data and conducting initial due diligence.
Mergers and acquisitions adviser Capital West Partners is responding to the inquiries and will review the offers received, Finavera explains. Capital West will then present its recommendation to the special committee of the board, which is composed of four independent directors.
The special committee is charged with ensuring that the review of a proposed transaction is made without conflict of interest among the company and its directors, controlling shareholders and management.
The four potential bidders in advanced discussions with the company have completed significant due diligence, including thorough reviews of the company's documentation, site visits to a number of project locations, confirmation of turbine supply pricing and construction costs, and an assessment of the financial returns from the projects, Finavera adds.