Finavera Renewables' British Columbia Wind Project Bids Backed by GE

Montag, 24.11.2008 14:35 von Hugin

VANCOUVER, BRITISH COLUMBIA--(Marketwire - November 24, 2008) -
Finavera Renewables Inc. (TSX VENTURE: FVR) announced today its bid
to develop four wind energy projects in British Columbia. To
facilitate the bid into BC Hydro's 2008 Clean Power Call, Finavera
Renewables has signed a memorandum of understanding with GE Energy
Financial Services, a unit of GE (NYSE: GE), for proposed financing
of up to 295 megawatts of clean wind power projects in the Peace
region in northeast British Columbia.

Finavera Renewables ('Finavera Renewables' or the 'Company') will
develop and pay permitting, public consultation and environmental
assessment certification costs for the four wind projects: Bullmoose,
Meikle, Wildmare and Tumbler Ridge. Should BC Hydro award an Energy
Purchase Agreement to Finavera Renewables, GE Energy Financial
Services would have the exclusive right to fund and/or arrange equity
and debt financing. The combined capital cost of the four projects is
estimated to be $800 million.

Completion of the financing for Finavera Renewables' wind projects is
subject to corporate and regulatory approvals, completion of due
diligence, finalization of documentation, approval of GE's investment
committees, the award of an Energy Purchase Agreement from BC Hydro
and other conditions.

"With the support of GE Energy Financial Services, we are submitting
four very strong bids into the BC Hydro Clean Power Call for
Proposals," said Finavera Renewables' CEO Jason Bak. "This marks an
exciting development in the growth of Finavera Renewables as we begin
to realize the value of our pipeline of wind projects. We also
continue to expand our project pipeline to create even greater
long-term value for shareholders."

GE Energy Financial Services has amassed a US $4 billion portfolio of
renewable energy projects worldwide, including the 196-megawatt East
Toba River/Montrose Creek run-of-river hydroelectric power project in
British Columbia.

"GE is providing technical and financial support to help renewable
energy developers in British Columbia meet the province's renewable
energy objectives," said Mark Tonner, Managing Director at GE Energy
Financial Services in Canada. "In addition to helping Finavera
Renewables achieve its goals, wind energy investing complements our
environmentally friendly hydroelectric power investments in British
Columbia and aligns with GE's ecomagination initiative."
Ecomagination is GE's initiative to help its customers meet their
environmental challenges while expanding its own portfolio of cleaner
energy products.

Peace Region Wind Project Status

- Bullmoose Wind Energy Project - 60 MW

- Meikle Wind Energy Project - up to 118 MW in two phases

- Wildmare Wind Energy Project - 72 MW

- Tumbler Ridge Wind Energy Project - 45 MW

Turbine Procurement

Finavera is in negotiations with top-tier manufacturers for the
supply of turbines for these British Columbia projects. Turbine
suitability has been assessed and draft Letters of Intent for turbine
supply are being negotiated. Finavera will analyze the proposals and
determine which turbines provide the optimal combination of site
suitability and cost.

First Nations Consultation

Finavera Renewables values First Nations as an integral party to
these projects. The company is very active in First Nations dialogue
and continues to build long-term relationships through a dedicated,
in-house Consultation specialist. Active discussions with all First
Nations identified by the BC Environmental Assessment Office are
under way. The Company has signed a Protocol Agreement with the
Saulteau First Nations. The protocol will guide communication
activities and efforts to build trust and sustain a unique long-term
working relationship. The Company will continue discussions with all
First Nations in the project areas in an effort to sign additional
Protocol Agreements and Memorandums of Understanding.

Environmental Assessment

As part of the Environmental Assessment, Terms of Reference for the
projects are developed in consultation with federal and provincial
agencies, local government, First Nations and the public, and
approved by the BC Environmental Assessment Office as having
identified the scope of work for the Environmental Assessment. The
company is finalizing the Terms of Reference for the projects, and
expects to have final documents submitted to the BCEAO in time for
the BC Hydro submission.

Engineering and Construction

Finavera has completed design of the project layouts, including
turbine siting, road access, and civil and electrical design suitable
for detailed cost estimation of the Balance of Plant works. Balance
of Plant cost estimation and design optimization have been completed
by one of Canada's most experienced wind energy construction
companies. A third-party review of all the projects' energy yields
has been completed to assist in establishing firm energy yields for
submission to BC Hydro.

About GE Energy Financial Services

GE Energy Financial Services' experts invest globally with a
long-term view, backed by the best of GE's technical know-how and
financial strength, across the capital spectrum in one of the world's
most capital-intensive industries, energy, to help their customers
and GE grow. With US $19 billion in assets, GE Energy Financial
Services is based in Stamford, Connecticut. In renewable energy, GE
Energy Financial Services is growing its portfolio of more than US$4
billion in assets in wind, solar, biomass, hydro and geothermal
power. For more information, visit www.geenergyfinancialservices.com.

About GE

GE (NYSE: GE) is Imagination at Work -- a diversified technology,
media and financial services company focused on solving some of the
world's toughest problems. With products and services ranging from
aircraft engines, power generation, water processing and security
technology to medical imaging, business and consumer financing, media
content and advanced materials, GE serves customers in more than 100
countries and employs more than 300,000 people worldwide. For more
information, visit www.ge.com.

Jason Bak, CEO

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 sector. Finavera Renewables is
developing wind energy projects in Canada and Ireland. In Canada, a
two stage 150 MW project is being developed in Alberta. In British
Columbia, projects totaling 295 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. This press release
contains "forward-looking information" that is based on Company's
current expectations, estimates, forecasts and projections. This
forward-looking information includes, among other things, statements
with respect to the strength of the Company's proposed wind farms,
outlooks and business strategy. The words "would", "will", "expected"
and "estimated" or other similar words and phrases are intended to
identify forward-looking information. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause the Company's actual results, level of activity,
performance or achievements to be materially different than those
expressed or implied by such forward-looking information. Such
factors include, but are not limited to: uncertainties related to the
ability to raise sufficient capital, changes in economic conditions
or financial markets, litigation, legislative or other judicial,
regulatory and political competitive developments and technological
or operational difficulties. This list is not exhaustive of the
factors that may affect the Company's forward-looking information.
These and other factors should be considered carefully and readers
should not place undue reliance on such forward-looking information.
The Company disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new information,
future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.


Contacts:
Finavera Renewables
Myke Clark
SVP Business Development & Corporate Communications
(604) 288-9051
Email: mclark@finavera.com
Website: www.finavera.com

GE Energy Financial Services
Andy Katell
(203) 961-5773
Website: www.ge.com


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