Finavera Renewables Receives Investigative Permit for Wave Energy Project in Ucluelet, British Columbia

    VANCOUVER, CANADA, August 13 /CNW/ - Finavera Renewables Inc. ('Finavera
Renewables' or 'the Company') (TSX VENTURE:FVR) has received an Investigative
Use Permit for a wave energy project off the west coast of Vancouver Island in
British Columbia, Canada. The permit, which is valid for two years, grants
Finavera Renewables the right to conduct resource and environmental studies to
determine the feasibility of a wave energy project. The Ucluelet project has
the potential to become the first offshore wave energy project in Canada.

    Finavera Renewables COO Bertan Atalay said, "The west coast of Vancouver
Island has an incredible wave resource that has the potential to provide
clean, sustainable energy to thousands of homes. This project has the
potential to revolutionize the generation of clean electricity by utilizing
one of the largest sources of untapped energy: the ocean. The province of
British Columbia could benefit significantly from a new, alternative source of
clean power."

    The proposed Ucluelet project would use interconnected clusters of the
company's licensed and patented AquaBuOY wave energy converter. The project
would have an initial potential generating capacity of 5MW, which is
sufficient electricity to power almost 2,000 Canadian homes, with a planned
expansion to 100MW. Finavera Renewables is continuing the construction of the
half-scale AquaBuOY device, and plans to deploy it this summer off the coast
of Newport, Oregon.

    The project may also be eligible for 'flow-through' tax incentives from
the Federal Government. In its 2007 Budget introduced March 19th, the Canadian
government introduced measures to make ocean energy eligible for the Canadian
Renewable and Conservation Expense and the Accelerated Capital Cost Allowance.
Finavera Renewables worked with the government to pursue these changes, and
was recognized at the time in a letter from Natural Resources Minister Gary
Lunn, "As active proponents of this amendment, Finavera Renewables helped to
successfully illustrate to government the utility of these market driven tax
incentives to support Canada technology and domestic industry. We will support
the ocean energy sector and its Canadian developers and technology leaders
such as Finavera."

    Finavera Renewables CEO Jason Bak concluded, "The Ucluelet wave energy
project adds to the diversity of our renewable energy portfolio, and combined
with the construction of the AquaBuOY device, represents an exciting time for
our company. We now have five wave energy projects planned or under
development in several countries, and the world will be able to see the
AquaBuOY in the ocean later this summer. In this current volatile market, it
is important to note that Finavera Renewables can also rely on the near-term
anticipated revenue from our wind farm projects to further strengthen our

    Investigative Use Permit

    Under the Investigative Use Permit granted by the province of British
Columbia, studies will be conducted as part of Finavera Renewables' project
feasibility assessment. Studies will be carried out to determine the extent of
local fishing activities, commercial and recreational activities, visual
impact, public safety, marine mammal resources, marine biological resources,
and oceanographic conditions. These studies will also include the use of a
wave measurement device (a 1.5 meter diameter buoy) to collect wave height and
period data. An assessment of the power plant economics, local transmission,
power capacity and other local infrastructure, including port access, will
also be conducted by Finavera Renewables.

    On behalf of the Board of Directors,

    Jason Bak, CEO

    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 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 Tel. 604-288-9051 or Media Myke Clark VP Policy & Public Relations or Weber Shandwick for Finavera Renewables Jai Ferguson

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890