VANCOUVER, Dec. 1, 2015 /CNW/ - Finavera Solar Energy
Inc. ('Finavera Solar Energy', 'Finavera' or the 'Company')
(TSX-V: FVR) is pleased to announce that it has received
conditional approval from TSX Venture Exchange and closed an
additional loan facility for €418,000 (approximately $592,000 CAD) from a consortium of lenders that
established a facility through the Company's subsidiary, Finavera
Renewables Ireland Limited ('Finavera Renewables'), as announced on
May 27, 2015. Proceeds are for expansion capital for the
Company's wholly owned subsidiary, Solar Alliance of America, a
residential solar sales and marketing firm ('Solar Alliance'), and
for general working capital. The loan has a one year term and is
repayable from the €7.14 million (approximately $10.1 million CAD) of proceeds from the sale of
the Cloosh Valley Wind Project, expected in Q1 2016.
"This financing will allow us to continue to advance and develop
the growth potential within Solar Alliance," said Finavera CEO
Jason Bak. "Since the
acquisition of Solar Alliance, we have been diligently working to
enhance the sales and customer experience and brand awareness in
order to ensure Solar Alliance is positioned for rapid growth in
the California market. This
expansion will increase its market share and lead to increased
revenues for Solar Alliance." Bak adds, "We are continuing to
develop the foundation of the Company through Solar Alliance and
plan expansion via organic growth and new potential
acquisitions. With the positive economics of solar energy we
will encourage freedom from an antiquated utility focused model
through distributed power generation."
Solar Alliance of America, based in San Diego, California, is a solar sales and
marketing firm focused on residential solar installations. In
2013, Solar Alliance had $19.1
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 1,500
residential solar systems in southern California.
The Company also advises that construction has begun on the
Cloosh Valley Wind Project and it is anticipated that financial
close will occur in early 2016, thereby triggering payment to
Finavera Renewables. Until repayment, the loan facility is
secured against Finavera Renewables and guaranteed by the
Company. An additional 500,000 bonus warrants of the Company
will be issued to the Lenders, exercisable into an equal number of
common shares of Finavera at an exercise price of $0.10 per share for a term of one year.
Jason Bak, CEO
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 1,500 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.