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Finavera gets 3-year permit for Coos energy project

2007-04-30 04:22 MT - News Release

Mr. Jason Bak reports

FINAVERA RENEWABLES GRANTED FERC PRELIMINARY PERMIT FOR PROPOSED 100MW COOS COUNTY WAVE ENERGY PROJECT IN OREGON

Finavera Renewables Inc. has been issued a preliminary permit for its proposed 100-megawatt Coos county, Oregan, wave energy project. The permit approval was granted by the United States Federal Energy Regulatory Commission (FERC). The preliminary permit is valid for a period of three years, and allows Finavera Renewables to conduct various studies, including analyses of oceanographic conditions, commercial and recreational activities, and other impacts potentially associated with the planned project. The company will rely on the studies and stakeholder consultations in framing its application to FERC for a project operating licence.

Alla Weinstein, director and general manager, Ocean Energy, said: "The Coos county project is part of the next step along our path to the commercialization of wave energy. Permitting activities for this project will be based on our experience gained in the Makah Bay pilot project, which is the first wave energy project to file for a FERC operating licence. This project is designed to meet the state of Oregon's policy to invest in and support the growth of clean and renewable energy 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 100 megawatts, 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 chief executive officer 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, Ore., 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 two and three square miles.