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Finavera Signs LOI for 105-MW Cloosh Valley Wind Project

Finavera Renewables Inc. announced that it signed a Letter of Intent (LOI) with a large investor for the joint development of the 105-megawatt (MW) Cloosh Valley Wind Project in Ireland. The LOI allows for discussion of a joint venture agreement providing for further development and an equity investment in the project, which has an estimated in service date of 2011.

The Cloosh Valley project currently rests in Gate 3 of the grid connection queue managed by EirGrid, Ireland's national grid operator. The Commission for Energy Regulation (CER) has indicated that grid connection offers for Gate 3 will be issued beginning in August 2009.  Based on the Project’s queue position, it is estimated that a grid connect offer could be awarded by October 2009.

“This is an exciting step for our company and for the development of the Cloosh Valley wind farm. This investor has recognized the value of this renewable energy project and we are pleased to bring their capital, development and management experience to this endeavor. The potential joint venture is also aligned with our overall business model of bringing large partners to our projects in order to ensure their success,” said Jason Bak, Finavera Renewables' CEO.

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