Vancouver, British Columbia-based Finavera Wind Energy Inc. has signed an agreement to acquire 100% of the equity of San Diego-based sales and marketing firm Solar Alliance of America Inc.
Under the terms of the agreement, Finavera will acquire Solar Alliance for $4 million in cash and $2 million in stock. The company intends to finance the transaction from the approximately $10.5 million expected from the sale of its Irish wind energy project or by way of a bridge financing through the issuance of debt.
Going forward, Finavera says it intends to focus its renewable energy development efforts on residential and utility-scale solar projects in the U.S. Artie Rose, Solar Alliance of America's president and CEO, will join Finavera's board of directors on completion of the transaction.
