Finavera Renewables Granted FERC Preliminary Permit For Proposed 100MW Coos County Wave Energy Project in Oregon



    VANCOUVER, CANADA, April 30 /CNW/ - Finavera Renewables Inc. (TSX
VENTURE:FVR) (the "Company" or "Finavera Renewables"), is pleased to announce
it has been issued a Preliminary Permit for its proposed 100MW Coos County,
Oregon wave energy project. The permit approval was granted by the United
States Federal Energy Regulatory Commission ("FERC"). The preliminary permit
is valid for a period of three years, and allows Finavera Renewables to
conduct various studies, including analyses of oceanographic conditions,
commercial and recreational activities, and other impacts potentially
associated with the planned project. The company will rely on the studies and
stakeholder consultations in framing its application to FERC for a project
operating license.

    Alla Weinstein, Director and General Manager, Ocean Energy said, "The
Coos County project is part of the next step along our path to the
commercialization of wave energy. Permitting activities for this project will
be based on our experience gained in the Makah Bay pilot project, which is the
first wave energy project to file for a FERC operating license. This project
is designed to meet the State of Oregon's policy to invest in and support the
growth of clean and renewable energy sources for the people of Oregon. We look
forward to working closely with the local community to ensure a successful
project."

    The proposed Coos County project would use interconnected clusters of the
company's patented AquaBuOY wave energy devices. The project would have a
generating capacity of 100MW, and total annual generation from the project is
estimated to be approximately 175 gigawatt-hours per-year, which is sufficient
electricity to power approximately 15,000 American homes.

    Finavera Renewables CEO Jason Bak said, "We intend for this project to
illustrate how our innovative technology can contribute to the new energy
economy through the creation of renewable electricity, jobs and ultimately,
shareholder value. This project represents a unique opportunity to develop the
wave energy industry in the State of Oregon and the United States, and we are
excited to be leaders in responding to the world's need for clean energy. We
plan to pursue additional wave energy projects in America in order to deploy
the AquaBuOY technology and build the dominant market share in this new
renewable energy industry."

    Finavera Renewables is also continuing the development of the patented
AquaBuOY technology. The Company plans to deploy a second generation test
device this summer off the coast of Newport, Oregon and is working in
partnership with Oregon State University scientists and engineers to explore
the technology's potential.

    Project Details - Coos County, Oregon

    The offshore portion of the project would be located in the Pacific Ocean
west of Coos County, Oregon, just north of the Curry County/Coos County
boundary, and southwest of the City of Bandon.

    The Preliminary Permit issued by FERC to Finavera Renewables covers an
offshore project study area of approximately 5.5 square miles, with dimensions
of 1.6 miles predominantly in the east-west direction and 3.4 miles
predominantly in the north-south direction. These are preliminary site
specifications, and will be subject to several studies as part of a
feasibility assessment. Those studies are currently expected to include:
Oceanographic Conditions, Marine Biological Resources, Marine Mammal
Resources, Commercial and Recreational Activities, Noise, Public Safety,
Visual Impacts, and Fishing, Crabbing and other Marine Uses. The Company has
begun, and will continue to pursue consultations with local stakeholders.

    Once these surveys are completed, and following consultation with local
stakeholders, the Company will 'micro-site' the project within the proposed
project area. The final installed offshore wave energy plant is expected to
require an offshore project area between 2 and 3 square miles.

    To view the approved preliminary permit, please visit:
http://elibrary.FERC.gov/idmws/file_list.asp?accession_num=20070426-30 11

    (Due to its length, this URL may need to be copied/pasted into your
Internet browser's address field. Remove the extra space if one exists.)

    (NOTE: The preliminary permit is in the name of AquaEnergy Group Ltd.,
the Company's wholly owned subsidiary.)

    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 patented 'AquaBuOY' wave energy converter, 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. The Company is also developing 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 18 potential
wind projects are being developed with a potential capacity exceeding 1500MW
and provide a pipeline of projects for long term revenue potential. In
Ireland, two wind projects are being developed with a potential capacity of
175MW. Data collection and environmental studies have been continuing at a
number of sites in both countries.

    On behalf of the Board of Directors,

    Jason Bak

    CEO, Finavera Renewables Inc.

    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 the contents of this release.




For further information:

For further information: Finavera Renewables Inc Tel. 604-288-9051
info@finavera.com. or K Capital Source for Finavera Renewables Inc Jonathan
Neilan, +353 1 631 5500 finavera@kcapitalsource.com

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