Finavera Renewables Inc. (TSX-V: FVR) has filed applications to surrender its Federal
Energy Regulatory Commission (FERC) license for the Makah Bay Wave Energy Pilot Project in
Washington and the Humboldt County Preliminary Permit for a proposed wave energy project in
California.
The company said in a release that the decision allows it to focus on "enhancing its near-term
wind project portfolio and provide shareholders with a clearer path to revenue in this challenging
economic environment."
In the short term, the company wants to develop its wind projects in British Columbia and Ireland through partnerships and/or joint venture arrangements. In Canada, one 75-megawatt (MW) project is being
developed in Alberta. In British Columbia, projects totaling 293 MW have been bid into the 2008
BC Hydro Clean Power Call. In Ireland, two pre-construction wind projects are under
development with a potential capacity of 175MW.
In the medium term,
the company plans to execute on its project finance agreements and bring the wind energy
assets to commercial operation.
And in the longer term, Finavera said it will continue to assemble a
diversified mix of renewable energy assets. The company retains all Intellectual Property associated with the
AquaBuOY technology and is seeking financial and technical partners for the future
development of the technology.
In December 2007, Finavera received the first U.S. license for a hydrokinetic energy project, to be located in the Pacific Ocean for the Makah Bay Offshore Wave Pilot Project.
In November the company said it plans to raise $1 million through a non-brokered private placement at $0.05 per unit.
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