Finavera Renewables to surrender wave power projects licenses

Published: 11-Feb-2009

By: Staff Writer Staff Writer Staff Writer

Company wants to focus on the wind projects in the Canadian province

Canadian clean energy company Finavera Renewables has filed applications to surrender its Federal Energy Regulatory Commission 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.

According to the company, the decision allows the company to focus its resources on enhancing its near-term wind project portfolio and provide shareholders with a path to revenue in the current economic environment.

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.

Finavera Renewables said that the primary focus remains the continued development of the company's wind projects in the Canadian province of British Columbia and Ireland through partnerships and/or joint venture arrangements.

In the medium term, the company plans to execute on its project finance agreements and bring the wind energy assets to commercial operation. In the longer term, the company will continue to assemble a diversified mix of revenue producing, renewable energy assets.

Finavera Renewables is engaged in the development of renewable energy resources and technologies. Currently the company is developing wind energy projects in Canada and Ireland.

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