Finavera sells 10% equity interest in 105 MW project
Finavera Wind Energy has completed a series of agreements for the sale of its 10% equity interest in the 105 MW onshore Cloosh Valley Wind Project in County Galway, Ireland to SSE Renewables (SSER) for €2.1m.
By Ritesh Gupta
The €2.1m received from the sale of Finavera’s remaining equity interest will be used primarily to retire the company’s secured debt.
The project was the subject of a co-development agreement announced almost four years ago between SSER, Coillte (the state-owned commercial forestry and renewables company), and Finavera Wind Energy.
The co-development agreement resulted in staged payments of €8.4m payable to the company, in consideration for a 90% interest in the project, of which €1.26m has been received. The remaining €7.14m is expected by the fourth quarter.