Finavera Wind Energy receives construction permit for tumbler ridge wind energy project

Friday, Jul 06, 2012

VANCOUVER, July 5, 2012 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSXV: FVR) is pleased to announce it has received a General Area Licence of Occupation (the "Licence") for the 47 megawatt Tumbler Ridge Wind Energy Project located in northeastern British Columbia. The Licence, which was issued by the Ministry of Forest, Lands and Natural Resource Operations, provides the approval for construction to commence on the project. The Tumbler Ridge Wind Energy Project recently received an Environmental Assessment Certificate and has a 25 year power purchase agreement with B.C. Hydro.

The $125-million project will be located 8 kilometres west of Tumbler Ridge. Once completed, the project will generate enough power to provide electricity for up to 18,000 homes. The 12 month project construction period is expected to generate 560 person years of direct employment, and the operational phase of the project is expected to create 188 person years of full-time direct employment.

Finavera Wind Energy CEO Jason Bak said, "This is a key milestone for the Tumbler Ridge Wind Energy Project and allows Finavera to progress through the final steps towards construction of this project. Our next steps are to finalize financing for the project, execute a turbine supply agreement, and contract a group to undertake the construction process."

Jason Bak, CEO

About Finavera Wind Energy Inc. (www.finavera.com)

Finavera Wind Energy is a wind energy development company focused on developing, constructing, and operating wind farms in North America and Ireland. Our mission is to create and operate a viable renewable energy business while protecting and enhancing the physical and social environment. In British Columbia, Canada, projects totaling 301 MW have been awarded 25 year Electricity Purchase Agreements. In Ireland, the Company has signed a co-development agreement with Scottish and Southern Renewables for the 105MW Cloosh Valley Wind Project. Data
collection and environmental studies have been continuing at a number of prospective sites in Canada and the United States.

SOURCE Finavera Wind Energy Inc.