Finavera gets OK from shareholders to sell 2 wind projects

06/20/2013 | SNL Financial (free content)

The majority of Finavera Wind Energy's shareholders voted in favor of selling the firm's stakes in two wind projects to Pattern Renewable Holdings Canada. Finavera will use the proceeds of the sale to repay its debt and potentially acquire new assets. "Finavera will be in the enviable position of being debt free with cash reserves in a market with a number of cash starved opportunities," said Jason Bak, the firm's CEO.

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