Canadian company sells stake in Galway windfarm for 2 million pounds

Galway Bay fm newsroom – Canadian company Finavera Wind Energy has sold its 10% in the Cloosh Valley wind project near Moycullen to SSE Renewables for two million pounds. The scheme was the subject of a Co-Development Agreement between SSE, Coillte and Finavera in 2010. This resulted in staged payments of €8.4m to the Vancouver-based company for a 90% interest, of which 1 million euro has been received. The remaining 7 million euro is expected by the final quarter this year. Finavera said the 2 million euro received from the sale of its remaining 10% will be used primarily to deal with the company's debt.