Finavera Renewables Submits 366 Megawatts of Wind Projects into the British Columbia Environmental Assessment Process
Finavera Renewables Inc. (the 'Company'
or 'Finavera Renewables') (TSX VENTURE:FVR) is pleased to announce it has
entered four wind power projects into the British Columbia Environmental
Assessment (EA) process. The four projects are located in the province's Peace
Region and have a nominal nameplate capacity of 366 megawatts (MW). Once
operational, the projects could provide clean, renewable electricity to more
than 100,000 Canadian homes.
Finavera Renewables CEO Jason Bak said, "These four projects illustrate
our commitment to developing British Columbia's wind industry hand in hand
with the communities of the Peace Region. The clean, cost effective energy
created by these projects will diversify BC's energy mix while reducing our
dependence on fossil fuels. Our company is committed to extensive public
consultation with interested stakeholders, and looks forward to developing a
clean energy legacy that will benefit the province for years to come."
As part of the EA process, the Company will undertake environmental
studies, engineering design and analysis, and community and First Nations
consultations. Finavera Renewables plans to submit one or more of the projects
into the next British Columbia Hydro Call for Tenders (expected during the
fall of 2007). If successful, this will provide a long term power purchase
agreement for the projects as one possible route to market for generated
electricity. The project areas have been selected based on excellent wind
resources, accessibility from existing transportation infrastructure and
proximity to nearby transmission systems.
The Environmental Assessment Office has issued Section 10(1)(c) orders
under the Environmental Assessment Act, requesting the Company complete
environmental assessments for the following projects:
-- Wildmare Wind Energy Project - estimated 74 MW
-- Bullmoose Wind Energy Project - estimated 112 MW
-- Tumbler Ridge Wind Energy Project - estimated 100 MW
-- Mount Clifford Wind Energy Project - estimated 80 MW
Bak concluded, "Worldwide, wind energy is a proven technology and in
Canada, it is emerging as a significant new source of electricity. Wind power
is a clean, renewable source of energy producing no pollutants, air emissions
or hazardous waste, thus reducing Canada's contribution to global climate
change. By recognizing the inherent responsibility that we share as
individuals and as a company, and along with the stewardship of governments,
we believe a new energy economy can be created. This new economy can generate
substantial international investment, job creation, and wealth."
Full Project Descriptions are posted on the Environmental Assessment
Office website:
www.eao.gov.bc.ca Wildmare Project
The proposed Wildmare Wind Energy Project would consist of approximately
37 wind turbine generators, with an installed capacity of approximately 74 MW
(based on 2 MW per turbine). The project will be located within an
Investigative Use Permit area held by the Company on Crown Land in the Peace
Region of British Columbia, west of Chetwynd.
Bullmoose Project
The proposed Bullmoose Wind Energy Project would consist of approximately
56 wind turbine generators with an installed capacity of approximately 112 MW
(based on 2 MW per turbine). The project will be located within three
Investigative Use Permit areas held by the Company on Crown Land in the Peace
Region of British Columbia, west of Tumbler Ridge.
Tumbler Ridge Project
The proposed Tumbler Ridge Wind Energy Project would consist of
approximately 50 wind turbine generators, with an installed capacity of
approximately 100MW (based on 2 MW per turbine. The project will be located
within two Investigative Use Permit areas held by the Company on Crown Land in
the Peace Region of British Columbia, northwest and southwest of the community
of Tumbler Ridge.
Mount Clifford Project
The proposed Mount Clifford Wind Energy Project would consist of
approximately 40 wind turbine generators with an installed capacity of
approximately 80 MW (based on 2 MW per turbine). The project will be located
within an Investigative Use Permit area held by Finavera Renewables on Crown
Land in the Peace Region of British Columbia, southeast of Tumbler Ridge.
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 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 have been entered into the provincial Environmental Assessment
process (see above), 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
statements.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy, of this release.
For further information: Finavera Renewables Inc. contact the company
at: 604-288-9051
info@finavera.com. or K Capital Source Jonathan Neilan, +353
1 631 5500
finavera@kcapitalsource.com or Media may contact Myke Clark VP
Policy & Public Relations
mclark@finavera.com.
