Finavera Renewables to List on Canada’s TSX Venture Exchange

Finavera Renewables Ltd., a private Irish renewable energy company focused on wind and wave energy development, intends to list on Canada’s TSX Venture Exchange (TSX-V) via the reverse takeover (RTO) of Cascade Minerals Inc., a listed public company.

“Our intention to list on the TSX-V reflects the rapidly growing appetite for renewable energy investment opportunities in Canada and a booming renewable energy sector with record growth of 54% of installed wind capacity in 2005,” said Jason Bak, CEO, Finavera Renewables Ltd. Finavera Renewables has a dozen wind projects under development in the Peace River region in British Columbia, Canada, with potential capacity of more than 1,500 MW on ~52,000 hectares of land. The company is developing a potential 180 MW of wind energy projects in Ireland, enough to power 108,000 average European homes, according to the releases. “Canada has a positive fiscal incentive structure that supports the development of greenfield renewable energy projects as well as a sizable venture investment market. With over 1,500 MW of wind projects under development in BC, we are well placed to capitalize on these opportunities and the expected level of interest in Finavera Renewables,” said Bak. Finavera Renewables also has an interest in the AquaEnergy Group Ltd. (AquaEnergy), developer of the AquaBuOY wave energy converter; plans include commercializing the AquaBuOY in wave energy projects under development in Makah Bay, WA, USA; Figuera da Foz, Portugal; and Ucluelet, BC, Canada for a combined power generation potential of 200 MW. The TSX Venture Exchange (TSX-V), Canada’s national exchange, provides access to capital for emerging companies while offering a well-regulated market for venture investments. It is said to be a key market for emerging renewable energy companies.
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