Finavera to Evaluate BC Wave Energy Potential

Finavera Renewables Inc. has received an Investigative Use Permit for a wave energy project off the west coast of Vancouver Island in British Columbia, Canada. The permit, which is valid for two years, grants Finavera Renewables the right to conduct resource and environmental studies to determine the feasibility of a wave energy project.

The Ucluelet project has the potential to become the first offshore wave energy project in Canada.

Finavera Renewables Chief Operating Officer Bertan Atalay said, “The west coast of Vancouver Island has an incredible wave resource that has the potential to provide clean, sustainable energy to thousands of homes. This project has the potential to revolutionize the generation of clean electricity by utilizing one of the largest sources of untapped energy: the ocean. The province of British Columbia could benefit significantly from a new, alternative source of clean power.”

The proposed Ucluelet project would use interconnected clusters of the company’s licensed and patented AquaBuOY wave energy converter. The project would have an initial potential generating capacity of 5MW, which is sufficient to power almost 2,000 Canadian homes, with a planned expansion to 100MW. Finavera Renewables is continuing the construction of the half-scale AquaBuOY device and plans to deploy it this summer off the coast of Newport, Oregon.

The project may also be eligible for ‘flow-through’ tax incentives from the Federal Government. In its 2007 Budget introduced March 19th, the Canadian government introduced measures to make ocean energy eligible for the Canadian Renewable and Conservation Expense and the Accelerated Capital Cost Allowance. Finavera Renewables worked with the government to pursue these changes.
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