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Message: Surrenders Ocean Energy FERC Permits in Support of Corporate Focus on Wind Energ
| February 6, 2009 |
| Finavera Renewables Surrenders Ocean Energy FERC Permits in Support of Corporate Focus on Wind Energy Projects |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 6, 2009) - Finavera Renewables Inc. ("Finavera Renewables" or the "Company") (TSX VENTURE:FVR) announces it has filed applications to surrender its Federal Energy Regulatory Commission ("FERC") license for the Makah Bay Wave Energy Pilot Project in Washington and the Humboldt County Preliminary Permit for a proposed wave energy project in California. The decision allows the Company to focus its resources on enhancing its near-term wind project portfolio and provide shareholders with a clearer path to revenue in this challenging economic environment. The Company retains all Intellectual Property associated with the AquaBuOY technology and is actively seeking financial and technical partners for the future development of the technology. The immediate primary focus remains the continued development of the Company's wind projects in BC and Ireland through partnerships and/or joint venture arrangements. In the medium term, the Company plans to execute on its project finance agreements and bring the wind energy assets to commercial operation. In the longer term, the Company will continue to assemble a diversified mix of revenue producing, renewable energy assets. Jason Bak, CEO 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 sector. Finavera Renewables is developing wind energy projects in Canada and Ireland. In Canada, one 75 MW project is being developed in Alberta. In British Columbia, projects totaling 293 MW have been bid into the 2008 BC Hydro Clean Power Call. 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. |
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