Finavera receives first offers
Trent Ernst, Editor
Finavera Wind Energy, the company behind the Tumbler Ridge Wind Energy Project is in “advanced negotiations” with four prospective companies looking to purchase the company and its assets.
According to a news release, “Finavera anticipates the selection of a lead offer and the subsequent announcement of a binding deal in short order.”
There are a further twelve groups that have signed Non-Disclosure Agreements and are currently reviewing data in the company’s data room and conducting initial due diligence with the company. It is anticipated that additional offers will be forthcoming from some of these groups.
Originally, the plans were to have the wind project start operating by the end of this year, but those plans were delayed after the Environmental Assessment process was put on hold for six months.
Finavera received its Environmental Assessment Certificate in March of this year, and its construction permit in July, but work has not yet started on the 49.6 MW project, which had a construction price tag of $125-million.
The company was investigating means of financing the project, and decided to sell its Wildmare Asset, another Wind Power Project, still in Environmental Review, which would be located near Chetwynd.
However, less than three months after announcing that potential sale, the company announced that the sale was not proceeding, at that they were instead looking to sell the company.
The company has received initial offers from four companies in relation to a corporate transaction ranging from a complete offer for the outstanding share capital of the Company to a corporate partnership that allows the Company to advance its projects to construction and operation.
The offers are the subject of ongoing negotiations.