Finavera Wind Energy Signs Agreement for $40 Million Sale of British Columbia Wind Project Portfolio

Finavera Wind Energy Signs Agreement for $40 Million Sale of British Columbia Wind Project Portfolio PR Newswire VANCOUVER, December 20, 2012 VANCOUVER, December 20, 2012 /PRNewswire/ -- Finavera Wind Energy Inc. ('Finavera Wind Energy', 'Finavera' or the 'Company') (TSX-V: FVR) is pleased to announce that after a thorough review of a number of corporate transaction options and numerous proposals from interested parties, Finavera's Special Committee of the Board has recommended and approved the signing of an agreement with Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group LP, ('Pattern') for the sale of the Company's 300 megawatt (MW) British Columbia wind project portfolio for approximately $40 million. The agreement provides the best value for shareholders after the review of a number of different deal structures, assessment of execution risk and the potential for future value. Finavera Wind Energy CEO Jason Bak said, "This transaction is a testament to the quality of our portfolio and is an excellent example of the monetization of value created through our development skill set. The transaction indicates a significant difference between our market capitalization and our inherent value as in addition to the $40 million in proceeds payable on the projects proceeding to construction, Finavera maintains a 10% interest in the 105 MW Cloosh Valley Wind Project and is expecting an additional $9.3 million payment from the project in 2013.