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Innergex Purchases 77 MW Wind Project For $21.8 Million

July 26, 2012

A deal so good that both companies issued separate announcements? This seems to be the case as wind energy developer Finavera Wind Energy and independent renewable power developer Innergex both published press releases announcing the deal.

Both announcements agree that Finavera Wind Energy is selling its Wildmare Wind Energy Project, to be built near the community of Chetwynd in northeast British Columbia, for $21.8 million to Innergex.

The generated electricity from the 77 megawatt (MW) wind power project will be sold to B.C. Hydro under a 25-year power purchase agreement.

Finavera Wind Energy believes that the deal validates the value of their wind project assets, of which they still own 234.5 MW currently under development.

For Innergex, the investment represents a much longer return.

Wildmare is Innergex’s first project in British Columbia. To complete the project, Imergex is planning on spending another $193 million to complete the wind farm but expects to generate $27.7 million in its first operational year.

It’s a good deal for both companies as Finavera generates more capital for investments while Innergex is in a better position. Maybe next time both companies will realize this and agree on a single press release.

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