Finavera Renewables Inc.

Finavera Renewables Inc.

November 25, 2008 08:30 ET

Finavera Renewables Signs Exclusive MOU With GE for Supply of Wind Turbines

Turbines targeted for 45 megawatt Tumbler Ridge Wind Energy Project in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 25, 2008) - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE:FVR) is pleased to announce it has signed an exclusive Memorandum of Understanding ("MOU") with GE for the firm pricing and supply of GE wind turbines for the Company's 45 megawatt Tumbler Ridge Wind Project in British Columbia, Canada, which is planned to be constructed in 2011. Tumbler Ridge is one of the four projects Finavera Renewables intends to submit to the BC Hydro Clean Power Call.

Under the terms of the MOU, Finavera Renewables commits to build the Tumbler Ridge Wind Energy Project exclusively with GE wind turbine equipment. The Company and GE will finalize a turbine supply agreement ("TSA") shortly after the award of a power purchase agreement from BC Hydro for the Tumbler Ridge Wind Energy Project.

Finavera Renewables CEO Jason Bak said, "Signing this MOU allows us to secure turbines and firm pricing from a top tier turbine manufacturer and will enhance our bid in the upcoming BC Hydro Clean Power Call. These turbines are very well suited to the wind resource and terrain associated with this project."

Information on turbine supply for the Company's three other projects to be bid into the Clean Power Call will be released after the bids are submitted. Finavera Renewables is bidding a total 295 MW of wind energy projects into the Clean Power Call.

GE Energy

GE Energy is one of the world's leading wind turbine manufacturers. With design and manufacturing facilities located in the U.S. and Europe, GE Energy offers variable speed wind turbine technology ranging from 1.5 MW to 3.6 MW. GE Energy also provides a full array of professional wind power capabilities including project design and layout, project management as well as operation and maintenance services.

Jason Bak, CEO

About Finavera Renewables Inc. (

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 sector. Finavera Renewables is developing wind energy projects in Canada and Ireland. In Canada, a two stage 150 MW project is being developed in Alberta. In British Columbia, projects totaling 295 MW have been entered into the provincial Environmental Assessment process and are being bid into the 2008 BC Hydro Clean Power Call. In Ireland, two pre-construction wind projects are under development with a potential capacity of 175MW. Data collection and environmental studies have been continuing at a number of sites in both countries.

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. This press release contains "forward-looking information" that is based on Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the strength of the Company's proposed wind farms, outlooks and business strategy. 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. This list is not exhaustive of the factors that may affect the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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

Contact Information