Finavera Renewables CEO Provides Outlook on 2008 Activities

Market Wire, January, 2008

Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE: FVR) CEO Jason Bak is pleased to provide an overview of the Company's 2007 activities and an outlook for an active 2008.

Finavera Renewables began 2007 with a successful public listing on the TSX Venture Exchange. Finavera's wind energy division immediately increased its presence in the Canadian wind energy market through the purchase of the Three Hills wind project in Alberta, which consists of two phases: the 75 megawatt (MW) Ghost Pine project and the 75 MW Lone Pine project. Additionally, Finavera entered four British Columbia wind projects totaling 366 MW into the BC Provincial Environmental Assessment process. In total, the Company has developed a pipeline of wind projects totaling almost 1000 MW.

Significant progress was also made in the Company's ocean energy division. The AquaBuOY 2.0 prototype wave energy device was deployed for two months off the coast of Oregon in its first scaled ocean trial. Critical data was gathered during the deployment that will form the basis for the ongoing development of the technology helping to transition it to a commercial and operational phase. Based on this result, the deployment of the prototype was a success having verified mathematical modeling thereby paving the way for the next generation of the technology.

Additionally, Finavera Renewables made history in the ocean energy industry in two unique instances in 2007. As reported in December of last year, Finavera signed North America's first commercial power purchase agreement for a 2 MW wave energy project in California with Pacific Gas and Electric Company, one of the largest utilities in North America. Shortly thereafter, Finavera's wave energy project in Makah Bay of Washington State was awarded the first ever operating license for an ocean energy project from the US Federal Energy Regulatory Commission.

Highlights of selected Finavera Renewables projects and key milestones for 2008:

Wind Project Status

Alberta, Canada

All of the significant environmental field work has been completed on the 75 MW Ghost Pine wind project located approximately 150 km northeast of Calgary. The field work included wildlife, vegetation and land use studies, historical resource investigations and approvals, avian and raptor surveys, and preliminary geotechnical surveys. The project's final detailed design is close to conclusion. The next step will see the submission of a planning application to the Alberta Energy and Utilities Board (EUB). The EUB application is expected to be submitted this spring, and if approved, will result in portions of construction commencing in the fall of this year. It is expected that turbine foundation construction and erection would take place in 2009 with a targeted in-service date of December 2009. The Company is currently negotiating financing options for the project. Wind resource assessment is underway for a potential Phase 2 component with an additional 75 MW capacity. The Company intends to make an interconnection application for this second phase in the near future.

British Columbia, Canada

Environmental work is continuing on four projects in the Peace Region. These four projects (Wildmare, Tumbler Ridge, Mount Clifford, and Bullmoose) represent 366 MW. Each project is currently in the British Columbia Environmental Assessment Process. All four projects anticipate receiving their Terms of Reference in the near future. The Terms of Reference outline the information that must be included in the final application for an Environmental Assessment Certificate. All four projects are being developed in order to be bid into BC Hydro's Clean Energy Call. If successful, a Power Purchase Agreement from the call - combined with an Environmental Assessment Certificate - would allow construction to begin as early as 2010. Finavera Renewables is working diligently to prepare bids for the call, and the Company is confident in its ability to secure a contract from the call.

Cloosh Valley, Ireland

The Company received planning permission for meteorological tower installation for wind data collection from Galway County Council. There is also an option to purchase 800 hectares of land for the proposed wind farm development from Coillte Teoranta ("Coillte"), the Irish Forestry Board. As well, an application for interconnection has been submitted to Eirgrid, the independent electricity transmission system operator in Ireland, and grid queue position has been established. The next stages of development include the submission of an application for planning permission to An Bord Pleanala, the Irish federal planning authority, under newly established streamlined guidelines for strategic infrastructure projects. The Company anticipates that the project will be eligible for a power purchase agreement through the established feed in tariff of EUR 57 per MWh.

Wave Project Status

Washington State, United States

The Company has been granted an operating license for its 1 MW Makah Bay Offshore Wave Pilot Project in Washington State by the United States Federal Energy Regulatory Commission (FERC). The license is the first ever issued by the Commission for a wave, tidal or current energy project in the United States. The decision by FERC gives Finavera Renewables a conditional five-year license for the proposed project. The FERC license is conditional on the Company obtaining all additional federal and state permits before construction may begin. The Makah Bay Offshore Wave Energy Pilot Project will provide stakeholders, regulators and investors a tangible demonstration of the potential of wave energy.