Finavera Renewables CEO Provides Update on South African Wave Energy Project for the Clinton Global Initiative Mid-Year Meeting

    VANCOUVER, CANADA, April 19 /CNW/ - Finavera Renewables Inc. (TSX-V:FVR)
(the 'Company') is pleased to announce it has completed the preliminary site
evaluation and selection process for its 20 megawatt (MW) wave energy project
in South Africa (the "Project"). A preliminary report prepared by ZLH
Consulting Engineers Ltd. has identified priority sites for the wave energy
project. The Project is the result of a commitment made by Finavera Renewables
at the 2006 Clinton Global Initiative ('CGI') and has an estimated
construction cost of US$40 million.

    In New York for today's CGI mid-year meeting, CEO Jason Bak said, "This
Project represents our commitment to reduce energy poverty in South Africa and
develop a clean source of renewable energy in the country. The site selection
report confirms the strong wave resource off the coast of South Africa and
identifies two areas for potential development. Further work needs to be
carried out before a final site selection is made, but we are well on our way
to making this project a reality."

    Bak continued, "This Project reflects our firm commitment to reducing
global climate change and our response to the Clinton Global Initiative's call
for immediate action on the world's most pressing challenges. We are confident
that this Project will illustrate how the developing world can mitigate
climate change, help alleviate energy poverty and make a commercial return on
a significant renewable ocean energy resource."

    Preliminary Site Evaluation and Selection Study

    The study undertaken by the Company identified priority sites for
development. Several factors were taken into account when assessing potential
sites. Those factors included: wave resource potential, distance from
potential customers, distance to appropriate ocean depth, proximity to
transmission lines, visual impact, and proximity to shipping lanes. The final
site selection will be based on further analysis of the above criteria. The
study also examined the political and economic climate as it relates to
renewable energy. It notes the country's power generation capacity has not
kept abreast of demand and power shortages have occurred recurrently in the
last three years. As a result, electricity prices are anticipated to grow at
an estimated 5.1% per year, creating favorable market conditions for renewable
energy. The next phase of the project will entail detailed site selection and
preliminary planning studies, along with the associated project development
and structuring work.

    The Clinton Global Initiative and Our Commitment

    The Clinton Global Initiative, a non-partisan project of the William J.
Clinton Foundation, is a catalyst for action, bringing together a community of
global leaders to devise and implement innovative solutions to some of the
world's most pressing challenges. At the 2006 CGI, Finavera Renewables pledged
to help promote sustainable development and environmental protection in
developing countries while alleviating energy poverty. The Company committed
to achieving this through building a wave energy power plant in the Republic
of South Africa at an estimated cost of US$40 million. The project has the
potential to generate more than 30 million kilowatt-hours of electricity per
month and avoid approximately 4,000 tons of CO2 emissions per year. For more
information on the commitment and the Clinton Global Initiative:

    About Finavera Renewables Inc. (

    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.

    For more information, contact Finavera Renewables Inc at 604-288-9051, or

    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 and objectives or expected results,
constitute Forward-looking statements. Such statements are based on numerous
assumptions and are subject to all the risks and uncertainties inherent in the
Company's business, including risks related to exploration and development.
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 604-288-9051 or K Capital Source Jonathan Neilan Tel. +353-1-631-5500
Cell. +353-86-231-4135

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