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.

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. -- Jason Bak, CEO, Finavera Renewables