July 26, 2012 — Canadian Innergex Renewable Energy struck an agreement to acquire for $22 million Finavera Wind Energy 77 MW Wildmare wind project in British Columbia.
The amount to be paid is subject to adjustments, depending on certain milestones and events.
The asset purchase is slated for completion in fall 2012, pending regulatory nods and other customary closing conditions.
The Wildmare project is currently at the permitting stage. According to Innergex, it will require total investment of $215 million, including the acquisition consideration. Two-thirds of that sum will come from project-level debt, while the rest will be financed through equity.
The wind farm is expected to reach commercial operation in 2015. Annual output is seen at 238,200 MWh, or as much as is needed to power some 24,000 local homes.
Wildmare is one of Finavera’s four wind farm developments in British Columbia, which in March 2010 secured 25-year power purchase agreements from the British Columbia Hydro and Power Authority (BC Hydro).
The other projects include the 117-MW Meikle, 47-MW Tumbler Ridge and 60-MW Bullmoose wind farms. By the time the acquisition is completed, the buyer and Finavera will work to move the project through the environmental assessment process. They will also continue consultation with Finavera’s First Nation partners.