Finavera Solar Energy: Final Payment for Cloosh Valley Wind Project
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Vancouver, Canada and San Diego, California - Finavera Solar Energy Inc. ('Finavera Solar Energy', 'Finavera' or the 'Company') (TSX-V: FVR, OTC: FNVRF) is pleased to announce the Cloosh Valley Wind Project in Ireland has reached financial close thereby triggering a final €7.14 million of consideration (approximately $10.9 million CAD) as per the Co-Development Agreement with SSE plc (LSE:SSE) and Coillte, the Irish, state owned commercial forestry and renewables company, announced August 25th, 2010 and subsequently amended in July 2014.
"The Cloosh Valley Wind Project was the first project our Company originated in 2005 and this payment represents the final piece of €10.5 million of total consideration for the sale of the project. When Finavera was founded in Ireland in 2003, our goal was to build a renewable energy company that had a positive impact while delivering value to shareholders. We have developed over 360 megawatts of wind energy projects now in construction or operation, resulting in over $1 billion of renewable assets. Now, we are focused on the growth and expansion of our subsidiary, Solar Alliance of America in California. This funding will provide us with a solid financial foundation for the organic growth and expansion of Solar Alliance and will allow Finavera to take advantage of the explosive solar market in America."
Jason Bak, Chairman & CEO
About Finavera Solar Energy Inc. (www.finavera.com)
Finavera is focusing its renewable energy development efforts on residential and utility scale solar projects in America. Through its subsidiary, Solar Alliance of America, Finavera's mission is to create and operate a diversified portfolio of renewable energy projects while protecting and enhancing the physical and social environment. Finavera has developed over 360MW of wind projects and subsequently sold them to utilities or large independent power producers.
About Solar Alliance Of America Inc. (www.solaralllianceofamerica.com)
Located in San Diego, California, Solar Alliance is a solar sales and marketing firm focused on residential solar installations. In 2013, Solar Alliance had $20.7 million in revenue and was ranked #49 on Inc. magazine's Top 500 list of America's Fastest Growing Private Companies, making it #2 in the San Diego Area and #9 on the list of Top 100 California companies. In 2012, Solar Alliance was rated #45 on the Top 500 list. From its inception in 2009, Solar Alliance has installed more than 1,500 residential solar systems in southern California.
Finavera Solar Energy
Chief Marketing Officer
+1 (604) 288-9051