Finavera Renewables announces $2 million private placement


Vancouver, Canada, February 4th 2007 - Finavera Renewables Inc. ('Finavera
Renewables') (TSX-V: FVR) is pleased to announce a non-brokered private
placement of 10,000,000 units at a price of $0.20 per unit for gross
proceeds of $2,000,000. The units consist of one common share and one-half
of a share purchase warrant, with each full warrant exercisable at $0.25 for
24 months from the date of the private placement. A finder's fee will be
payable in connection with the private placement.

Proceeds of the placement will be used for the continued development of
Finavera Renewables' wind and wave energy projects, and for general working
capital.

Jason Bak, CEO

For more information, contact the company at: 604-288-9051, or by email at
info@finavera.com.

Media may contact Myke Clark, VP Policy & Public Relations at
mclark@finavera.com or Jai Ferguson of Weber Shandwick at
jferguson@webershandwick.com.

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 licensed and patented 'AquaBuOY' wave energy technology, 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. 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, four projects
totaling 366 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 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.
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, this release.