Finavera Wind Energy Inc. - 500 Beiträge pro Seite

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Ist die heutige Meldung der Startschuss zum Turnaround?


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

Vancouver, Canada, July 26th, 2012 - 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."

This transaction provides clear evidence of the value of the assets in the Company's portfolio. The value of this single transaction is a multiple of Finavera's current market capitalization which is in addition to a net 234.5 MW of further wind projects under development. This sale was undertaken as part of a larger strategic plan to ensure the Company has a strong balance sheet, a strong project portfolio, and a strong development team to optimize on the value of its wind project pipeline.

Finavera's business model involves capturing the significant value uplift during the development phase and then determining the optimum path of asset finance, construction and operation versus asset sale once the project reaches an advanced stage of permitting. This transaction validates that business model and allows Finavera to replicate the success of the Wildmare project across our entire British Columbia portfolio which includes the 47 MW Tumbler Ridge Wind Energy Project, the 117 MW Meikle Wind Energy Project, and the 60 MW Bullmoose Wind Energy Project. Combined with a further €7,140,000 (approximately $8,800,000) due at the end of 2013 from Finavera's partnership with SSE plc on the 105 MW Cloosh Valley Wind Project in Ireland, we will be in a strong position to develop the rest of our portfolio.

The transaction close is expected to occur within 60 days, although both parties will work diligently to accelerate that timeline. During the closing period, Finavera and Innergex will work together to advance the project in the Environmental Assessment process and to continue consultation with Finavera's First Nation partners. The acquisition is subject to the completion of customary closing conditions including the receipt of all regulatory and TSX Venture Exchange approvals. The acquisition has received approval of the Board of Directors of Finavera and the Board of Directors of Innergex.


Jason Bak, CEO

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Kommentar von Tom Konrad bei Forbes

Finavera to Sell Wind Project for Three Times Its Market Cap

This morning, Finavera Wind Energy (TSXV:FVR, OTC:FNVRF) announced a deal to sell its 77 megawatt Wildmare Wind Energy Project to Innergex Renewable Energy (TSX:INE, OTC:INGXF.) The sale will come as a great releif to Finavera’s long-suffering shareholders, who have seen the stock halve in value since the start of the year.

I included Finavera in my annual list of clean energy stocks this January because, even at the time, Finavera was trading at a fraction of the value of its wind projects, despite a weak balance sheet. Since then, Finavera has moved its projects forward, receiving important environmental and construction permits, but limping along on the finance side with a small (but dilutive) private placement and loan with more dilutive warrants, with the two deals totalling only a little more than $1 million.

The $22 million received from Innergex for Wildmare should put an end to shareholder dilution, since it is sufficient to pay off Finavera’s entire $11 million debt burden and allow Finavera to advance the company’s other projects. As CEO Jason Bak said, “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.”

The money, along with another $8.8 million which the company expects from its partnership in an Irish wind farm moves Finavera out of the asset-rich and cash poor renewable developers which have been languishing for the lack of funds, and firmly into the camp of asset rich firms with strong balance sheets able to profit from the availability of cut-price development projects.

Disclosure: Long FNVRF
http://www.forbes.com/sites/tomkonrad/2012/07/26/finavera-to…

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Vancouver, Canada, March 17, 2014 – Finavera Wind Energy Inc. (‘Finavera Wind Energy’, ‘Finavera’ or the ‘Company’) (TSX-V: FVR), Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group LP (‘Pattern’) and British Columbia Power and Hydro Authority (‘BC Hydro’), today executed agreements that provide for the Assignment of the 184 MW Meikle Wind Energy Project Electricity Purchase Agreement (‘Meikle EPA’) from Finavera to Pattern. The assignment of the Meikle EPA from Finavera to Pattern is the last major milestone outstanding to close the Pattern acquisition of the Meikle project for gross cash consideration of $28 million. Finavera and Pattern will be working diligently to finalize this sale in the short term.

Concurrent with the assignment of the Meikle EPA to Pattern, and as required by BC Hydro, 116MW of EPAs have been cancelled. Finavera retains the licenses and permits for those projects and continues to collect data from the sites.

Finavera continues to work diligently on a strategic plan for the Company. The imminent close of the Pattern transaction will provide a solid platform for the next stage in Finavera's development. Further information on the Company’s strategic plan will be released following the close of the Pattern transaction.

Jason Bak, CEO

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Finavera Wind Energy to Acquire Solar Alliance of America


Vancouver, Canada, August 25th, 2014 - Finavera Wind Energy Inc. ('Finavera Wind Energy', 'Finavera' or the 'Company') (TSX-V: FVR) is pleased to announce it has signed an agreement on August 22nd, 2014 to acquire 100% of the equity of Solar Alliance of America, Inc., a corporation under the laws of California ('Solar Alliance'), in a transaction valued at $6 million USD. Under the terms of the agreement, Finavera will acquire Solar Alliance for $4 million USD in cash and $2 million USD in stock, based on the volume weighted average 20-day trading price of Finavera following the closing of the transaction, with a floor price of not less than $0.21 per share. This represents a premium of approximately 45% over the Company's previous closing price.

Solar Alliance of America, based in San Diego, California, is a solar sales and marketing firm focused on residential solar installations. In 2013, Solar Alliance had $20.7 million in revenue (unaudited) 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 approximately 1,350 residential solar systems in southern California.

This transaction represents Finavera's entry into the US residential solar market. Going forward the Company intends to focus its renewable energy development efforts on residential and utility scale solar projects in America. The Company intends to finance this transaction from the approximately $10.5 million cash receivable due from the sale of its Irish wind energy project, which the Company anticipates receiving towards the end Q4 2014, or by way of a bridge financing through the issuance of debt.

Finavera CEO Jason Bak says, "The national residential solar market in America has been growing at 60-70 percent annually due to the dramatic fall in solar panel prices, the rise in electricity rates from traditional utilities and the availability of tax incentives. Over the past four years, the Solar Alliance team has grown their company aggressively and we feel that their skill set and cash flow compliments our renewable energy development experience. This will allow us to jointly scale Solar Alliance over the forthcoming year in order to take advantage of the unprecedented growth in residential distributed solar generation."

Solar Alliance of America President and CEO Artie Rose will join Finavera's Board of Directors on completion of the transaction. Artie has been involved in the solar energy industry since 1983. He began his career in Fresno, California and has held various executive positions over the past 30 years. In 2009, he co-founded Solar Alliance of America, Inc. which has become one of the fastest growing residential solar contractors in the United States. As President and CEO, Artie's vision and marketing skills has earned him recognition as a top senior executive in the industry. He has appeared on hundreds of television programs, various radio programs, has written, starred and co-produced three half hour television programs promoting the benefits of Solar Energy and is a key note speaker at many events. Artie also co-founded the Solar Alliance Foundation, a 501 c-3 charitable organization that gives free solar electric systems to disabled veterans with financial needs. As the Foundation CEO, Artie has helped raise money through corporate donations, charity events and fundraisers.

Artie Rose, President and CEO of Solar Alliance of America says, "We are very excited to join forces with Finavera. Working with their executive team will allow us to expand our marketing to other areas throughout California and the United States. This relationship presents excellent growth potential and will capitalize on a very unique time in the solar industry."

The Company anticipates closing of the transaction within 90 days, subject to due diligence and customary closing conditions including TSX Venture Exchange approval.

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Vancouver, Canada, December 4th, 2014 - Finavera Wind Energy Inc. ('Finavera Wind Energy', 'Finavera' or the 'Company') (TSX-V: FVR), a developer of renewable energy projects, has released its unaudited condensed consolidated interim financial statements and related management discussion and analysis ("MD&A") for the three and nine month periods ended September 30, 2014.

Highlights
• The Pattern Transaction: In July 2014, the Company entered into an early settlement agreement with Pattern Renewable Holdings Canada ULC ("Pattern") where the parties settled the final payment that the Company was to receive at the financial close of the Meikle Wind Energy Project. The Company settled all of its debts with Pattern, including a development loan, working capital facility, interest, other amounts deductible under the Purchase and Sale Agreement, and legal fees. The total consideration received from Pattern in 2014 was $24,723,881.
• The SSE Transaction: In July 2014, the Company entered into an agreement with SSE Renewables Ltd. ("SSE") and completed the sale of its remaining 10% interest in the Cloosh Valley Wind Project in Ireland (the "Cloosh Project") for €2.1 million. Concurrent with the sale, the Company settled debt with a secured creditor for $1.5 million, plus interest and legal fees. The Company held a 100% interest in the Cloosh Project which it began developing in 2005, and sold 90% of it to SSE in 2010 for €8.40 million. At the time, €1.26 million was received on signing and at the closing of project construction financing, currently anticipated in the first quarter of 2015, the Company is to receive the remaining €7.14 million (approximately $10.1 million).
• The Solar Alliance of America Transaction: In August 2014, the Company signed an agreement to acquire Solar Alliance of America, Inc. ("Solar Alliance") for US $4 million cash and US $2 million in Finavera shares, valued at $0.21 per share. This transaction represents Finavera's entry into the US residential solar market. The Company intends to finance this transaction from the €7.14 million due from SSE or by way of a bridge financing through the issuance of debt. The Company is currently in discussions with a number of potential debt providers. Target for closing the transaction is Q1 2015.

Financial Highlights
• Net Income: Generated net income of $18,416,244 (2013: Net loss of $1.4 million) and $14.3 million (2013: Net loss of $4.0 million) during the three and nine months ended September 30, 2014, respectively.
• Cash and Working Capital: Closed third quarter of 2014 with a working capital deficit of $5.2 million (Q2 2014: $24.2 million) and cash of $802,302. During the third quarter, the Company reduced its total liabilities by 76% as a result of the asset sales notes above. The Company expects that it will receive €7.14 million ($10.1 million) from SSE in the first quarter of 2015.

Management Comments

Jason Bak, the Company's Founder and CEO, commented, "The third quarter of 2014 was transformative for Finavera. The sale of our wind assets, reduction of debt and our agreement to acquire Solar Alliance of America, Inc. marked our entry in to the US residential solar market. This market is growing at 60 - 70% annually and provides an excellent platform for the Company to expand Solar Alliance in the coming year to take advantage of the world changing opportunity presented by the unprecedented growth in residential distributed generation."

Third Quarter Results

During the three months ended September 30, 2014, Finavera recorded a net income of $18.4 million (earnings per share of $0.46) compared with a net loss of $1.4 million (loss per share of $0.03) in Q3 2013. Current period net income is mainly comprised of the gains from the sale of the Company's wind projects totaling $18.1 million, a reversal of prior project costs of $0.3 million, gains on debt settlements of 0.3 million and operating costs of $0.3 million. In Q3 2013, the loss is comprised of operating costs of $0.8 million, financing costs of $0.5 million and project costs of $0.1 million.

During the nine months ended September 30, 2014, Finavera recorded net income of $14.3 million (earnings per share of $0.36) compared to a net loss of $4.0 million for the comparable period in 2013 (loss per share of $0.10). It is comprised of gain on sale of projects of $18.1 million (2013: $nil), operating costs of $1.3 million (2013: $1.8 million), interest and financing costs of $1.0 million (2013: $1.6 million), project development costs of $1.1 million (2013: $0.2 million), and contractual payroll obligations of $0.6 million (2013: $nil). The largest difference in operating expenses between the periods was professional fees of $174k (2013 - $609k), a difference of $435k, mainly due to legal provisions of $350k booked in 2013 and which were settled in 2014.


Jason Bak, CEO