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Finavera Receives Final Payment for Cloosh Valley Wind Project

Friday, 08 January 2016 09:00 AM

Finavera Solar Energy Inc.

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VANCOUVER, CANADA AND SAN DIEGO, CA / ACCESSWIRE / January 8, 2016 / 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
CEO

For more information:

Finavera Solar Energy
Myke Clark
Chief Marketing Officer
+1 (604) 288-9051
[email protected]

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.solarallianceofamerica.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 2,000 residential solar systems in southern California.

Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

SOURCE: Finavera Solar Energy Inc.

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