Finavera Renewables Inc.

Finavera Renewables Inc.

May 13, 2009 08:30 ET

Finavera Renewables Welcomes British Columbia Election Results

Liberal win provides stability for renewable energy projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2009) - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE:FVR) welcomes the results of the 2009 British Columbia provincial election. The election win by the BC Liberal Party provides regulatory certainty for the renewable energy projects Finavera Renewables bid into the BC Hydro Clean Power Call and the long term partnership between independent power producers and BC Hydro.

Finavera Renewables CEO Jason Bak said, "The BC Liberal Party has been consistent in its mandate to generate new sources of renewable electricity. For investors, this result provides regulatory certainty moving forward and provides a welcome market for independent power producers and the renewable energy projects we are developing. For the province, this gives companies the confidence to increase their level of investment in British Columbia's clean energy sector. This result ensures that investment will continue to flow into this province and create a lasting legacy for future generations."

Finavera Renewables has submitted four wind projects totaling 293 megawatts into the BC Hydro Clean Power Call:

- Bullmoose Wind Energy Project - 60 MW

- Meikle Wind Energy Project - 117 MW

- Wildmare Wind Energy Project - 71 MW

- Tumbler Ridge Wind Energy Project - 45 MW

Finavera Renewables President & Chief Operating Officer Peter Leighton said, "These four project bids contain several key elements that we believe make them strong candidates for successful award of energy purchase agreements from BC Hydro. They represent an optimal mix of attractive firm energy pricing combined with an accurate and realistic capital cost and secured financing that ensures that the projects can be delivered on time and within budget."

The four bid submissions are in response to BC Hydro's Request for Proposals to help make British Columbia electricity self-sufficient by 2016, and meet demand using 90 percent clean domestic generation sources. BC Hydro anticipates awarding energy purchase agreements in June 2009.

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 British Columbia, Canada, projects totaling 293 MW have been bid into the 2008 BC Hydro Clean Power Call. In Alberta, one 75 MW project is being developed. 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.

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