RE: RE: Corporate UpdateIn response to windguy1:
Looks like it says 30% to me, there is the cut and paste from the financial report. We know about the borrowed money, and so would you if you followed the reports and press releases.
FINAVERA WIND ENERGY INC.
(formerly Finavera Renewables Inc.)
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED DECEMBER 31, 2010
8
? Wildmare Wind Energy Project
Wildmare is currently planned to consist of approximately 33 wind turbine generators with a re-engineered capacity of approximately 77.4 MW, increased from 71.4 MW. It is located 5 km northwest of Chetwynd, BC, within the Treaty 8 territory, and is accessible mainly by existing roads. Interconnection is planned at a nearby 230 kV transmission line. Subject to obtaining the appropriate environmental and government approvals and permits, construction of the project is expected to begin in 2012 with commercial operations commencing at the end of 2013. In February 2011, the Company and GECAF agreed on the indicative terms of an equity investment in the Project. The parties are working to convert the indicative terms into a binding agreement under which GECAF, subject to satisfaction of conditions precedent, would provide 100% of the cash equity for the project. Finavera would provide the non-cash equity, including the energy contract, permits and development work to date, and serve as managing partner. Based on current financial information, it is estimated that Finavera would retain a 30 percent economic interest. The two companies would jointly arrange debt financing and retain a third-party engineering firm to oversee construction of the project. Execution of the equity investment agreement is subject to customary corporate and regulatory approvals, completion of ongoing due diligence, satisfactory documentation and approval by each company?s Board of Directors.
And the sale of the wave energy to Aquaboy was indeed for a dollar. Their not claiming anything, the 3 million is from them being relieved of all debt and liabilities associated with that division. Not to mention we retain a 10% equity position if and when they take it public.
The Company also disposed of its 100% owned subsidiary, Finavera Renewables Ocean Energy Limited (“FVROE”) for proceeds of $1. The buyer assumed all debts and liabilities of FVROE. Consequently, the company recorded a gain of $3,030,069 on the disposition. This disposition removed all non-core assets from the Company, allowing the Company to focus purely on wind energy projects.
Anything else you need me to discredit you on? I hope you don't invest the way you read!