Finavera Wind Energy Announces $22 Million Sale of 77 MW Wildmare Wind Energy Project

Finavera Wind Energy Announces $22 Million Sale of 77 MW Wildmare Wind Energy Project PR Newswire VANCOUVER, July 26, 2012 VANCOUVER, July 26, 2012 /PRNewswire/ -- Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSX-V: FVR) is pleased to announce it has signed a binding Purchase and Sale Agreement to sell the 77 megawatt ("MW") Wildmare Wind Energy Project for approximately $22,000,000 to Innergex Renewable Energy Inc. (TSX: INE) ("Innergex"). The Wildmare Wind Energy Project, located near the community of Chetwynd in north east British Columbia, was awarded a 25 year power purchase agreement with B.C. Hydro and is at an advanced stage of permitting. The purchase price of this asset will be approximately $22.0 million, subject to adjustments based on the realization of certain events and milestones. The transaction is subject to satisfaction or waiver of customary conditions precedent for transactions of this nature. Finavera Wind Energy CEO Jason Bak said, "We are extremely pleased to sign this agreement with Innergex for the sale of the Wildmare Wind Energy Project. This transaction illustrates the significant asset value Finavera has created for shareholders and provides a strong return on our investment in the development of wind energy for British Columbia. This transaction creates a stable platform for long term growth and allows Finavera to recycle capital and fund the ongoing development of its remaining portfolio of projects.