Finavera Renewables Announces Sale of Ghost Pine Wind Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - December 15, 2008) -
Finavera Renewables Inc. ("Finavera Renewables" or the "Company")
(TSX VENTURE: FVR) is pleased to announce it has completed a Purchase
and Sale Agreement with Ghost Pine Wind Farm, LP, a wholly owned
subsidiary of a major US utility, for the sale of its 75 megawatt
(MW) Ghost Pine Wind Project in Alberta, Canada for total proceeds of
$4,500,000.
 
Finavera Renewables purchased two projects in Alberta, the 75 MW
Ghost Pine and 75 MW Lone Pine, in 2007. The Company will retain its
50% ownership of the nearby 75 MW Lone Pine project.
 
Finavera Renewables CEO Jason Bak said, "This sale proves our
development business model and illustrates our ability to add value
to the Company by developing wind projects. The transaction delivers
a profitable outcome to Finavera in a relatively short time frame and
we believe this is a good opportunity to monetize this investment.
This transaction puts our Company in a much stronger financial
position during these difficult market conditions and allows us to
continue developing a strong pipeline of projects in British
Columbia, Ireland and Alberta."
 
The decision to sell the Ghost Pine project is the a step in
executing the Company's strategic plan to focus on developing high
return, core wind power projects in order to maximize value and
balance risks for shareholders. The Ghost Pine project faced
deteriorating credit markets and non-firm power pricing, which
reinforced the Company's decision to monetize this asset. The
immediate primary focus remains the continued development of its wind
projects in BC and Ireland through partnerships and/or joint venture
arrangements. In the medium term, the Company plans to execute on its
wind structures and bring these assets to commercial operation. In
the longer term, the Company will continue to assemble a diversified
mix of revenue producing, renewable energy assets.
 
Proceeds from this transaction will be used primarily for working
capital and the continued development of 293 MW of wind projects
entered into the BC Hydro Clean Power Call in British Columbia and
the development of the 105 MW Cloosh Valley wind project in Ireland.
 
No sales commissions or finders fees are payable in respect of this
transaction.
 
Jason Bak, CEO
 
About Finavera Renewables Inc. (www.finavera.com)
 
Finavera Renewables Inc. is dedicated to the development of renewable
energy resources. 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, projects totaling
293 MW have been bid into the 2008 BC Hydro Clean Power Call in
British Columbia and one 75 MW project is being developed in Alberta.
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 Inc.
Myke Clark
SVP Business Development & Corporate Communications
(604) 288-9051
Email: mclark@finavera.com
Website: www.finavera.com
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.