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Finavera Renewables Granted FERC Preliminary Permit For Proposed 100MW Coos County Wave Energy Project in Oregon

09:40 30.04.07

VANCOUVER, Canada--(BUSINESS WIRE)--Finavera Renewables Inc. (TSX VENTURE:FVR) (the ”Company”
or “Finavera Renewables”),
is pleased to announce it has been issued a Preliminary Permit for its
proposed 100MW Coos County, Oregon wave energy project. The permit
approval was granted by the United States Federal Energy Regulatory
Commission (“FERC”).
The preliminary permit is valid for a period of three years, and allows
Finavera Renewables to conduct various studies, including analyses of
oceanographic conditions, commercial and recreational activities, and
other impacts potentially associated with the planned project. The
company will rely on the studies and stakeholder consultations in
framing its application to FERC for a project operating license.


Alla Weinstein, Director and General Manager, Ocean Energy said, “The
Coos County project is part of the next step along our path to the
commercialization of wave energy. Permitting activities for this project
will be based on our experience gained in the Makah Bay pilot project,
which is the first wave energy project to file for a FERC operating
license. This project is designed to meet the State of Oregon’s
policy to invest in and support the growth of clean and renewable energy
sources for the people of Oregon. We look forward to working closely
with the local community to ensure a successful project.”


The proposed Coos County project would use interconnected clusters of
the company’s patented AquaBuOY wave energy
devices. The project would have a generating capacity of 100MW, and
total annual generation from the project is estimated to be
approximately 175 gigawatt-hours per-year, which is sufficient
electricity to power approximately 15,000 American homes.


Finavera Renewables CEO Jason Bak said, “We
intend for this project to illustrate how our innovative technology can
contribute to the new energy economy through the creation of renewable
electricity, jobs and ultimately, shareholder value. This project
represents a unique opportunity to develop the wave energy industry in
the State of Oregon and the United States, and we are excited to be
leaders in responding to the world’s need for
clean energy. We plan to pursue additional wave energy projects in
America in order to deploy the AquaBuOY technology and build the
dominant market share in this new renewable energy industry.”


Finavera Renewables is also continuing the development of the patented
AquaBuOY technology. The Company plans to deploy a second generation
test device this summer off the coast of Newport, Oregon and is working
in partnership with Oregon State University scientists and engineers to
explore the technology’s potential.


Project Details – Coos County, Oregon


The offshore portion of the project would be located in the Pacific
Ocean west of Coos County, Oregon, just north of the Curry County/Coos
County boundary, and southwest of the City of Bandon.


The Preliminary Permit issued by FERC to Finavera Renewables covers an
offshore project study area of approximately 5.5 square miles, with
dimensions of 1.6 miles predominantly in the east-west direction and 3.4
miles predominantly in the north-south direction. These are preliminary
site specifications, and will be subject to several studies as part of a
feasibility assessment. Those studies are currently expected to include:
Oceanographic Conditions, Marine Biological Resources, Marine Mammal
Resources, Commercial and Recreational Activities, Noise, Public Safety,
Visual Impacts, and Fishing, Crabbing and other Marine Uses. The Company
has begun, and will continue to pursue consultations with local
stakeholders.


Once these surveys are completed, and following consultation with local
stakeholders, the Company will ‘micro-site’
the project within the proposed project area. The final installed
offshore wave energy plant is expected to require an offshore project
area between 2 and 3 square miles.


To view the approved preliminary permit, please visit: http://elibrary.FERC.gov/idmws/file_list.asp?accession_num=20070426-30
11


(Due to its length, this URL may need to be copied/pasted into your
Internet browser's address field. Remove the extra space if one exists.)


(NOTE: The preliminary permit is in the name of AquaEnergy Group Ltd.,
the Company’s wholly owned subsidiary.)


About Finavera Renewables Inc. (www.finavera.com)


Finavera Renewables Inc. is dedicated to the development of renewable
energy resources and technologies. The Company’s
objective is to become a major renewable and green energy producer by
developing and operating its assets in the wind and wave energy sectors.
Finavera Renewables Inc. is developing the patented ‘AquaBuOY’
wave energy converter, a device that is based on proven and sustainable
buoy technology. The Company is developing wave energy projects for
AquaBuOY use in the United States, Portugal, South Africa and Canada.
The Company is also developing wind energy projects in Canada and
Ireland. In Canada, a two stage 150 MW project is being developed in
Alberta. Construction on this advance stage project is estimated to
begin in 2008 and provides for near term revenue. In British Columbia 18
potential wind projects are being developed with a potential capacity
exceeding 1500MW and provide a pipeline of projects for long term
revenue potential. In Ireland, two wind projects are being developed
with a potential capacity of 175MW. Data collection and environmental
studies have been continuing at a number of sites in both countries.


On behalf of the Board of Directors,


Jason Bak


CEO, Finavera Renewables Inc.


This news release does not constitute an offer to sell or a
solicitation of an offer to sell any securities in the United States.
The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from
such registration is available. Statements in this news release, other
than purely historical information, including statements relating to the
Company’s future plans, objectives or
expected results, constitute Forward-looking statements. Such statements
represent management’s conclusion based on
numerous assumptions and are subject to all the risks and uncertainties
inherent in the Company’s business, including
development risks. Further information concerning such risks is
set forth in the Company’s formal disclosure
documents filed on SEDAR, including its MD&A. Consequently, actual
results may vary materially from those described in the Forward-looking
statements.


The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this
release.


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