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Message: Welcomes British Columbia Election Results

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Welcomes British Columbia Election Results

posted on May 13, 09 07:13AM

May 13, 2009

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. (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 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.