Finavera to acquire Solar Alliance of America

Finavera Wind Energy has signed an agreement to acquire 100 percent of the equity of Solar Alliance of America through a$6 million USD transaction.

According to the agreement, Finavera will acquire Solar Alliance for $4 million USD in cash and $2 million USD in stock.

Solar Alliance of America, based in California, is a solar sales and marketing firm focused on residential solar installations.

In 2013, Solar Alliance had $20.7 million and was ranked #49 on Inc. magazine’s Top 500 list of America’s Fastest Growing Private Companies.

Through this transaction Finavera has stepped into the US residential solar market focusing on development of renewable energy as well as various solar energy projects.

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The Company plans to finance this transaction from the $10.5 million cash to be received from the sale of its Irish wind energy project.

In recent years, the Solar Alliance team has progressed and their performance and financial situation compliments the renewable energy development experiences of Finavera. From now on, it will be possible to rule Solar Alliance to take advantage of the unprecedented growth in residential distributed solar generation, explained, Jason Bak, CEO, Finavera.

On completion of the transaction, Solar Alliance President and CEO Artie Rose will join Finavera’s Board of Directors.

Working with Finavera will help to expand the marketing in other areas of California and US. This relationship offers high growth potential and will capitalize on a very unique time in the solar industry, commented, Artie Rose, president, CEO, Solar Alliance of America.

Artie is also the co-founder of Solar Alliance Foundation, a charitable organization that gives free solar electric systems to disabled veterans with financial needs.

The Company anticipates closing of the transaction within 90 days, subject to due diligence and customary closing conditions including TSX Venture Exchange approval.

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