Pattern concludes 184MW Canada project acquisition

CANADA: Pattern Energy has completed the purchase of the 184MW Meikle project in British Columbia under a deal worth CAD 28 million (EUR 18.4 million).

The site of the Meikle project, British Columbia, Canada
The site of the Meikle project, British Columbia, Canada

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The American power company bought the project from Canadian developer Finavera Wind Energy, which received CAD 9.3 million (EUR 6.1 million) when the deal was closed on 18 April.

The remaining balance will be paid when construction financing has been secured, subject to permits and approvals.

Construction of the development is expected to begin towards the end of 2014 with a view to being fully operational by the end of 2016.

In April 2013, Finavera announced the deal, which includes the option for Pattern to purchase Finavera's 77MW Wildmare and 60MW Bullmoose energy projects up to two years after the completion of this deal.

When the initial deal was announced in 2013, Finavera CEO Jason Bak said the company was in "the enviable position of being debt free with cash reserves in a market with a number of cash-starved opportunities".

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