Engineering firm selected to lead development of Finavera Renewables' British Columbia wind projects Vancouver, Canada, June 28th 2007 - Finavera Renewables Inc. ('Finavera Renewables') (TSX-V: FVR) has selected Canadian engineering firm Genivar (TSX: GNV.UN) to lead the engineering development of four wind projects in British Columbia. Genivar will act as the 'owner's engineer' for a nominal 366 megawatts (MW) of wind projects which have been entered into the provincial Environmental Assessment process. Finavera Renewables COO Bertan Atalay said, "The selection of Genivar to help lead our British Columbia portfolio marks a key milestone for our project development in this province. We will now move forward aggressively on all facets of project design and turbine procurement. The appointment of Genivar provides Finavera Renewables with an experienced team in wind power project engineering design to guide the development of 366 MW of wind power projects. Genivar brings a wealth of proven expertise and experience in the design of heavy civil engineering and construction fields to the project team and strongly complements the project development skills of Finavera Renewables. This puts our company on the path to delivering a significant portfolio of operating wind farms in British Columbia." Genivar will assist Finavera Renewables in several key aspects of project development including: design and preparation of engineering drawings, construction management, and specifications for turbine installation and commissioning. The hiring of Genivar represents a significant step towards a potential bid into the British Columbia Hydro power RFP. Genivar Director of Wind Energy Pierre Lacombe said, "For GENIVAR Income Fund, the association with Finavera Renewables as an owner's engineer for projects in British Columbia represents a great opportunity to provide high quality integrated services for these wind energy projects in western Canada. Our Vancouver office (former Cochrane Design Group) will lead the project in collaboration with our wind, electrical, transportation and cost evaluation specialists based across Canada. The technical skills and financial strength of both companies will surely contribute to the success of those projects." Finavera Renewables' British Columbia wind projects are part of a pipeline of projects that include the 75MW Ghost Pine project in Alberta. The Ghost Pine project, one of the few wind development projects in Alberta with permission to connect to the provincial electrical grid, is currently undergoing environmental assessment and permitting. Construction is expected to commence in 2008. These projects, and others, are part of an overall renewable energy strategy to provide near term revenue and downside protection while establishing Finavera Renewables as a world leader in the development of wave energy technology and projects. On behalf of the Board of Directors, Jason Bak, CEO |