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Finavera Wind Energy to Provide Additional Information to Environmental Assessment Office

^{Published on 2011-08-26 18:21:15 - Market Wire}
 

VANCOUVER, Aug. 26, 2011 /CNW/ - Finavera Wind Energy Inc. ("Finavera" or the "Company") (TSXV: FVR) announces the Environmental Assessment Office ("EAO") has requested additional information be provided for the Company's Wildmare and Tumbler Ridge Wind Energy Project Environmental Assessment Applications. In order to provide appropriate time for the EAO to assess the additional information, the 180 day Application Review period will be put on hold until the information is submitted.

Finavera Wind Energy President and COO Peter Leighton said, "With two projects moving through the approval process simultaneously there is a tremendous amount of assessment review work to be carried out by the EAO and this will allow a full and complete assessment to be concluded. It is important to note this does not restart the 180 Application Review Periods and the delay will only be in place until the additional information is provided to the EAO. We look forward to working with the EAO to provide the required information in a timely manner."

The Company does not anticipate this additional process will take more than one month, and it still provides the required time for the Projects to meet financial close and move to construction on time in early 2012.

The Company would also like to update the status of the projects with regard to the Federal Environmental Assessment process. The federal environmental assessment process is applied whenever a federal authority has a specified decision-making responsibility in relation to a project, also known as a "trigger" for an environmental assessment. Finavera has received confirmation from the relevant federal authorities that a federal trigger does not exist for either the Wildmare or Tumbler Ridge Wind Energy Projects, and as such, federal environmental assessments are not required.

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.

Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. 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. Consequently, actual results may vary materially from those described in the forward-looking statements.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."