BOISE, Idaho (AP) — The renewable energy company Exergy Development Group has canceled what was supposed to be the annual Exergy Bike Tour in Boise. The company touted the tour as the largest U.S. women's professional bike race at the inaugural event in May 2012.

On Friday, however, the company announced financial problems have forced the cancellation of this year's race. Company officials say they hope to bring back the event in 2014. Exergy initially struggled to repay its debts related to its sole sponsorship of the 2012 race, which offered the highest total winnings payout of any North American women's cycling event that year.

A prepared statement from Exergy officials said the company remained determined to provide equal opportunities for women's professional cycling and that Exergy leaders were deeply saddened by the announcement.