VANCOUVER, CANADA, June 28 /CNW/ - Finavera Renewables Inc. ('Finavera
Renewables') (TSX-V:FVR) has selected Canadian engineering firm Genivar (TSX:
GNV.UN) to lead the engineering development of four wind projects in British
Columbia. Genivar will act as the 'owner's engineer' for a nominal 366
megawatts (MW) of wind projects which have been entered into the provincial
Environmental Assessment process.
Finavera Renewables COO Bertan Atalay said, "The selection of Genivar to
help lead our British Columbia portfolio marks a key milestone for our project
development in this province. We will now move forward aggressively on all
facets of project design and turbine procurement. The appointment of Genivar
provides Finavera Renewables with an experienced team in wind power project
engineering design to guide the development of 366 MW of wind power projects.
Genivar brings a wealth of proven expertise and experience in the design of
heavy civil engineering and construction fields to the project team and
strongly complements the project development skills of Finavera Renewables.
This puts our company on the path to delivering a significant portfolio of
operating wind farms in British Columbia."
Genivar will assist Finavera Renewables in several key aspects of project
development including: design and preparation of engineering drawings,
construction management, and specifications for turbine installation and
commissioning. The hiring of Genivar represents a significant step towards a
potential bid into the British Columbia Hydro power RFP.
Genivar Director of Wind Energy Pierre Lacombe said, "For GENIVAR Income
Fund, the association with Finavera Renewables as an owner's engineer for
projects in British Columbia represents a great opportunity to provide high
quality integrated services for these wind energy projects in western Canada.
Our Vancouver office (former Cochrane Design Group) will lead the project in
collaboration with our wind, electrical, transportation and cost evaluation
specialists based across Canada. The technical skills and financial strength
of both companies will surely contribute to the success of those projects."
Finavera Renewables' British Columbia wind projects are part of a
pipeline of projects that include the 75MW Ghost Pine project in Alberta. The
Ghost Pine project, one of the few wind development projects in Alberta with
permission to connect to the provincial electrical grid, is currently
undergoing environmental assessment and permitting. Construction is expected
to commence in 2008. These projects, and others, are part of an overall
renewable energy strategy to provide near term revenue and downside protection
while establishing Finavera Renewables as a world leader in the development of
wave energy technology and projects.
On behalf of the Board of Directors,
Jason Bak, CEO
GENIVAR is a leading Canadian Engineering Services firm providing private
and public sector clients with a comprehensive range of professional
consulting services through all execution phases of a project including
planning, design, construction and maintenance. Clients fall into various
market segments such as building, industrial and power, urban infrastructure,
transportation and environment. GENIVAR is one of the largest Engineering
Services firm in Canada in terms of number of employees with approximately
2,000 managers, professionals, technicians and technologists and support staff
in some 40 offices in Canada and internationally.
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. 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
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of, this release.
For further information:
For further information: Finavera Renewables 604-288-9051
firstname.lastname@example.org or Media Myke Clark, VP Policy & Public Relations
email@example.com or K CAPITAL SOURCE Jonathan Neilan, +353 1 631 5520