Finavera Renewables Inc.

Finavera Renewables Inc.

June 12, 2008 11:07 ET

Finavera Renewables Welcomes BC Hydro Clean Power Call

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2008) - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE:FVR) welcomes the Clean Power Call Request for Proposals announced June 11th by B.C. Hydro, and is preparing bids on several projects to provide clean, renewable electricity to thousands of British Columbia residents.

Finavera Renewables CEO Jason Bak said, "We are excited the BC Hydro Clean Power Call has been issued and we are moving forward with the preparation of bids for several of our wind projects. The projects we plan to bid have high wind speeds, good access to transmission, and they have completed detailed design work. These factors will allow us to enter several competitive bids that will provide a return for investors and also provide clean electricity at a reasonable cost to electricity users in British Columbia."

Finavera Renewables is preparing bids for up to five projects totaling approximately 300 megawatts of renewable electricity. The projects are located in the British Columbia Peace Region and have several attributes that will contribute to strong proposals: high wind speeds resulting in high energy yields, close proximity to transmission lines, and 12-18 months of wind data from meteorological towers. Detailed turbine layout assessments have also been completed for the projects and discussions are underway with major turbine manufacturers for the supply of wind turbines. According to the current B.C Hydro schedule, proposals for the Clean Power Call will be due November 25, 2008 and electricity purchase agreements are expected to be awarded by June 2009.

"We are also aggressively pursuing partners for these British Columbia projects in order to strengthen the bids into the Clean Power Call," Mr. Bak continued. "A partner that brings financing solutions, combined with our strong project development expertise, will form a strong bid team that will be able to prepare cost competitive proposals for the Clean Power Call."

The Clean Power Call Request for Proposals (RFP) will target up to 5,000 gigawatt hours of clean or renewable energy per year from larger projects using proven technologies, including the large scale wind projects Finavera Renewables is proposing. The Clean Power Call aligns with the B.C. Energy Plan, which calls for 90 per cent of electricity in the province to continue to come from clean or renewable sources and for all new electricity generation projects to have zero net greenhouse gas emissions. For more information on the Clean Power Call please visit the B.C. Hydro website at:

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 and wave energy sectors. Finavera Renewables Inc. is developing wave energy conversion technology based in part upon licensed and patented 'AquaBuOY' technology designs which are based on proven buoy technology. The Company is developing wave energy projects for AquaBuOY use in the United States, South Africa and Canada. One of those projects, in California, has secured a 2MW power purchase agreement with Pacific Gas and Electric. The Company is also developing other 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, up to five projects totaling approximately 300 MW have been entered into the provincial Environmental Assessment process, and several other sites are being developed. In Ireland, two pre-construction wind projects are under development with a potential capacity of 175 MW. 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. 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 information. Such forward-looking information represents 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 information.

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

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