Finavera Wind Energy receives $16.5M from Pattern Renewables

Finavera Wind Energy has announced that it has received $16.5 million of final consideration, in the form of debt forgiveness, from Pattern Renewable as the amount payable under the Purchase and Sale agreement for 184 MW of wind projects, awarded on April 29th, 2013.

The final consideration has arrived earlier than the anticipated in Q1 2015 due to the successful development of the Meikle Project, the company said.

Previously, Finavera has received $9.3 million from Pattern Development as announced on April 17th, 2014.

The amount received in the form of final payment was used to surrender secured debt in the company.

Recently, Finavera sold the remaining 10 percent interest in the Cloosh Valley Wind Project for €2.1 million. Through this transaction the company has achieved the ability to invest on new opportunities in the renewable energy marketplace.

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