February 20, 08
New 100MW AquaBuOY Wave Energy Project off California Coast

Finavera Renewables has announce it has been issued a Preliminary Permit for its proposed 100MW Humboldt County, California 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.

Finavera Renewables CEO Jason Bak said, “We believe the Humboldt County project could become the United States’ first commercial wave energy installation. This Preliminary Permit from FERC is a significant milestone that allows us to move forward on advanced planning for the project, and we look forward to working closely with the local community to ensure a successful project. We believe this project will illustrate how our innovative technology can contribute to the new energy economy through the creation of renewable electricity, jobs and ultimately, shareholder value. We are excited to be leaders in responding to the world’s need for clean energy.”

This permit continues the progress the Company has made over the last several months on its ocean energy activities. The Company signed a long term power purchase agreement with Pacific Gas & Electric for a 2 MW project in California. As well, FERC issued the first ever operating license for a wave energy project in the United States to Finavera Renewables for the Makah Bay Wave Pilot Project in Washington State.

The proposed Humboldt County project would use interconnected clusters of the company’s 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. This is the company’s second Preliminary Permit on the west coast of the United States. The Coos County wave project in Oregon was granted a permit from FERC in 2007. Also, the Company holds an Investigative Use Permit for a wave energy project in Ucluelet, British Columbia.