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09/12/13 - C$0.16
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finavera wind energy inc (FVR) Details

Finavera Wind Energy Inc., a wind energy development company, develops wind energy projects in Canada and Ireland. It has a 10% interest in the Cloosh Valley Wind Project, a 105 megawatt late stage development project in County Galway, Ireland. The company was formerly known as Finavera Renewables Inc. and changed its name to Finavera Wind Energy Inc. in February 2011. Finavera Wind Energy Inc. was founded in 2003 and is headquartered in Vancouver, Canada.

Founded in 2003

finavera wind energy inc (FVR) Top Compensated Officers

Co-Founder, Chief Executive Officer, Director...
Total Annual Compensation: C$270.0K
President and Chief Operating Officer
Total Annual Compensation: C$240.0K
Chief Financial Officer
Total Annual Compensation: C$150.0K
Senior Vice President of Wind Energy
Total Annual Compensation: C$180.0K
Compensation as of Fiscal Year 2012.

finavera wind energy inc (FVR) Key Developments

Finavera Wind Energy Inc. Auditor Raises 'Going Concern' Doubt

Finavera Wind Energy Inc. filed its Annual on Apr 30, 2014 for the period ending Dec 31, 2013. In this report its auditor, KPMG LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Finavera Seeks Acquisitions

Finavera Wind Energy Inc. (TSXV:FVR) is seeking acquisition opportunities. Jason Bak, Chief Executive Officer of Finavera stated, "Finavera will be in the enviable position of being debt free with cash reserves in a market with a number of cash starved opportunities. We have embarked on a review of various revenue generating acquisitions with exceptional growth potential and will continue our process for the next 2 to 6 months. After completion of the review we anticipate going to shareholders for the approval of an acquisition, a special cash dividend or potentially both."

Finavera Wind Energy Inc. Receives Judgment in Scott & Associates Engineering Lawsuit

Finavera Wind Energy Inc. announced that the Alberta Court of Queen's Bench has issued reasons for judgment in the case of Scott & Associates Engineering Ltd. versus Finavera Wind Energy Inc. Scott was claiming a constructive trust over a wind energy project known as the Three Hills Project, which Finavera acquired from Penn West Petroleum Ltd. in 2007 and subsequently sold to Ghostpine Windfarms LP, a subsidiary of NextEra Energy Inc, in 2008. Scott alleged that Finavera acquired Three Hills by misusing confidential information proprietary to Scott and that it misappropriated a business opportunity which belonged to Scott. The Court dismissed Scott's claims and found that Finavera did not misuse any confidential information, did not breach any contract with Scott and did not misappropriate a business opportunity belonging to Scott. The Court also refused Scott's claims to a proprietary interest in Three Hills or an accounting of the profits from Three Hills. The Court concluded that 'Scott has proven only that it is entitled to be reimbursed for the value of the services it has provided'. It found that the appropriate award to Scott for those services was in the amount of $600,000. Finavera continues to have a holdback of $1,000,000 with NextEra related to the 2008 sale, in order to deal with legal costs and any potential judgment.


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