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Canada

Canada

Pattern snaps up Finavera wind energy projects

CANADA: Vancouver-based Finavera Wind Energy has sold two wind projects to Pattern Renewable Holdings of Toronto.

Pattern is paying $28 million for the 47MW Tumbler Ridge and 117MW Meikle developments in the British Columbia province.

"We are completely aligned with Pattern to progress these projects to operation and will continue to provide Pattern with ongoing support in order to facilitate the key milestone of construction financing," said Finavera CEO Jason Bak.

The sale puts Finavera in what Bak describes as "the enviable postion of being debt free with cash reserves in market with a number of cash-starved opportunities".

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