Vancouver, Canada, [RenewableEnergyWorld.com] Finavera Renewables Inc. has completed a Purchase and Sale Agreement with Ghost Pine Wind Farm LP, a wholly owned subsidiary of a major U.S. utility, for the sale of its 75-megawatt (MW) Ghost Pine Wind Project in Alberta, Canada for CAN $4.5 million [US $3.69 million].
Finavera Renewables purchased two projects in Alberta, the 75 MW Ghost Pine and 75 MW Lone Pine, in 2007. The company will retain its 50% ownership of the nearby 75 MW Lone Pine project. Further details were not disclosed.
“This sale proves our development business model,” said Jason Bak Finavera Renewables’ CEO. He added that the transaction puts the company in a “much stronger financial position during these difficult market conditions and allows us to continue developing a strong pipeline of projects in British Columbia, Ireland and Alberta.”