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Press release from CNW Group

Finavera Renewables Signs Participation Agreement with McLeod Lake Indian Band for British Columbia Wind Projects

Tuesday, August 10, 2010

Finavera Renewables Signs Participation Agreement with McLeod Lake Indian Band for British Columbia Wind Projects08:00 EDT Tuesday, August 10, 2010VANCOUVER, Aug. 10 /CNW/ - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) is pleased to announce it has signed a Participation Agreement with the McLeod Lake Indian Band for the Tumbler Ridge, Wildmare, Meikle, and Bullmoose Wind Energy Projects. The Agreement was completed at a signing ceremony at the McLeod Lake Indian Band Annual General Assembly. The Agreement sets out the guidelines for engagement between Finavera and the McLeod Lake Indian Band and represents a commitment by the parties to enter into discussions to develop further agreements."We support Finavera Renewables and others in the wind energy business as they represent the future for electric power generation. When done in a responsible way, wind energy, unlike hydro dams, gives us power without destroying the land around us," said Chief Derek Orr. "We are looking forward to being actively involved with Finavera Renewables."Finavera Renewables CEO Jason Bak said, "I would like to thank Chief Derek Orr and the McLeod Lake Indian Band for their hospitality during their community's Annual General Assembly. The signing of this Participation Agreement illustrates our commitment to building a long term, mutually beneficial relationship with the McLeod Lake Indian Band."Under the terms of the Participation Agreement, Finavera and the McLeod Lake Indian Band will address several key areas: training and employment opportunities, assessment of potential project impacts, and economic development opportunities. The Agreement also sets out key principles that will guide future discussions between Finavera and the McLeod Lake Indian Band: respecting each other's distinct identities, interests and priorities while exploring common interests and opportunities, engagement and consultation that are meaningful and results oriented, and a commitment to honest and open sharing of information and ideas and to joint problem solving.McLeod Lake Indian Band has a membership of some 475 people and is part of the Tse'khene tribal group. The Band owns several companies that are actively engaged in road and site construction, logging, and pipeline construction. The Administrative centre of the Band is at McLeod Lake with a sub-office in Chetwynd, BC.Jason Bak, CEOAbout Finavera Renewables Inc. (www.finavera.com)Finavera Renewables' 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 British Columbia, Canada, projects totaling 301 MW have been awarded Electricity Purchase Agreements under the BC Hydro Clean Power Call. In Ireland, one pre-construction wind project is under development with a potential capacity of 105MW. Data collection and environmental studies have been continuing at a number of sites in both countries.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."For further information: Finavera Renewables: Myke Clark, SVP Business Development, Finavera Renewables, 604-288-9051, mclark@finavera.com; Media Contact: Mike Wilson, FD Element, 604-760-4758, mike.wilson@fd.com; McLeod Lake Indian Band: Chief Derek Orr, McLeod Lake Indian Band, 250-750-4415, dorr@mlib.ca; Bob Inkpen, MLIB Development Corp, 250 788-8823, Inkpen@ca.inter.net