Finavera Renewables Granted FERC Preliminary Permit For Proposed 100MW Coos County Wave Energy Project in Oregon
VANCOUVER, Canada--(BUSINESS WIRE)--Finavera Renewables Inc. (TSX VENTURE:FVR) (the ”Company”
proposed 100MW Coos County, Oregon wave energy project. The permit
Commission (“FERC”).
other impacts potentially associated with the planned project. The
framing its application to FERC for a project operating license.
commercialization of wave energy. Permitting activities for this project
license. This project is designed to meet the State of Oregon’s
sources for the people of Oregon. We look forward to working closely
with the local community to ensure a successful project.”
The proposed Coos County project would use interconnected clusters of
the company’s patented AquaBuOY wave energy
devices. The project would have a generating capacity of 100MW, and
total annual generation from the project is estimated to be
approximately 175 gigawatt-hours per-year, which is sufficient
electricity to power approximately 15,000 American homes.
Finavera Renewables CEO Jason Bak said, “We
intend for this project to illustrate how our innovative technology can
contribute to the new energy economy through the creation of renewable
electricity, jobs and ultimately, shareholder value. This project
represents a unique opportunity to develop the wave energy industry in
the State of Oregon and the United States, and we are excited to be
leaders in responding to the world’s need for
clean energy. We plan to pursue additional wave energy projects in
America in order to deploy the AquaBuOY technology and build the
dominant market share in this new renewable energy industry.”
Finavera Renewables is also continuing the development of the patented
AquaBuOY technology. The Company plans to deploy a second generation
test device this summer off the coast of Newport, Oregon and is working
in partnership with Oregon State University scientists and engineers to
explore the technology’s potential.
Project Details – Coos County, Oregon
The offshore portion of the project would be located in the Pacific
Ocean west of Coos County, Oregon, just north of the Curry County/Coos
County boundary, and southwest of the City of Bandon.
The Preliminary Permit issued by FERC to Finavera Renewables covers an
offshore project study area of approximately 5.5 square miles, with
dimensions of 1.6 miles predominantly in the east-west direction and 3.4
miles predominantly in the north-south direction. These are preliminary
site specifications, and will be subject to several studies as part of a
feasibility assessment. Those studies are currently expected to include:
Oceanographic Conditions, Marine Biological Resources, Marine Mammal
Resources, Commercial and Recreational Activities, Noise, Public Safety,
Visual Impacts, and Fishing, Crabbing and other Marine Uses. The Company
has begun, and will continue to pursue consultations with local
stakeholders.
Once these surveys are completed, and following consultation with local
stakeholders, the Company will ‘micro-site’
the project within the proposed project area. The final installed
offshore wave energy plant is expected to require an offshore project
area between 2 and 3 square miles.
To view the approved preliminary permit, please visit:
http://elibrary.FERC.gov/idmws/file_list.asp?accession_num=20070426-3011
(Due to its length, this URL may need to be copied/pasted into your
Internet browser's address field. Remove the extra space if one exists.)
(NOTE: The preliminary permit is in the name of AquaEnergy Group Ltd.,
the Company’s wholly owned subsidiary.)
About Finavera Renewables Inc. (
www.finavera.com)Finavera Renewables Inc. is dedicated to the development of renewable
energy resources and technologies. The Company’s
objective is to become a major renewable and green energy producer by
developing and operating its assets in the wind and wave energy sectors.
Finavera Renewables Inc. is developing the patented ‘AquaBuOY’
wave energy converter, a device that is based on proven and sustainable
buoy technology. The Company is developing wave energy projects for
AquaBuOY use in the United States, Portugal, South Africa and Canada.
The Company is also developing wind energy projects in Canada and
Ireland. In Canada, a two stage 150 MW project is being developed in
Alberta. Construction on this advance stage project is estimated to
begin in 2008 and provides for near term revenue. In British Columbia 18
potential wind projects are being developed with a potential capacity
exceeding 1500MW and provide a pipeline of projects for long term
revenue potential. In Ireland, two wind projects are being developed
with a potential capacity of 175MW. Data collection and environmental
studies have been continuing at a number of sites in both countries.
On behalf of the Board of Directors,
Jason Bak
CEO, Finavera Renewables Inc.
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
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United States or to U.S. Persons unless registered under the U.S.
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Company’s future plans, objectives or
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numerous assumptions and are subject to all the risks and uncertainties
inherent in the Company’s business, including
development risks. Further information concerning such risks is
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results may vary materially from those described in the Forward-looking
statements.
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