Finavera Renewables Signs CDN$7.5 Million Joint Development Agreement With GE Energy for British Columbia Wind Projects

VANCOUVER, Canada, July 26, 2010 - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V:
FVR) is pleased to announce it has entered into a project development
partnership with GE Energy, a business unit of GE. Under the terms of the
Joint Development Agreement (JDA), GE will provide Finavera Renewables with
project development funding up to CDN$7,500,000 for the Company's Peace
Region wind projects. Following an extensive suitability analysis by
Finavera, GE shall also be the preferred wind turbine supplier for those
projects.

The development funding will be repaid at each respective project's
financial close and does not impact Finavera's equity position in the
projects. GE Energy has co-developed thousands of megawatts of wind projects
in North America and that expertise will be applied to this partnership in
order to deliver high return projects on time and on budget.

"We are extremely excited to be working with GE Energy on the
development of these wind projects," said Finavera Renewables CEO Jason Bak.
"This partnership combines Finavera's exceptional wind projects with GE
Energy's outstanding technical experience to produce a team that will ensure
the success of these projects. This deal significantly enhances our ability
to move our projects to construction and grow our wind portfolio over the
next several years."

In March, Finavera was awarded 25 years electricity purchase
agreements for four wind turbine projects totaling 301 megawatts of installed
capacity. The JDA will provide Finavera with the funding necessary to
continue to achieve project development milestones and to move the projects
through to financial close.

The JDA replaces the Development Funding Agreement ("DFA")
announced by the Company January 21, 2010. The signing of the JDA also
removes the DFA security provision against a minority interest in the
Company's Cloosh Valley wind project.

Jason Bak, CEO

About Finavera Renewables Inc. (www.finavera.com)

Finavera Renewables Inc. is dedicated to the development of
renewable energy resources. The Company's objective is to become a major
renewable and green energy producer by developing and operating its assets in
the wind sector. Finavera Renewables is developing wind energy projects in
Canada and Ireland. In British Columbia, Canada, projects totaling 301 MW
have been awarded Electricity Purchase Agreements under the Hydro Clean Power
Call. In Ireland, one pre-construction wind project is under development with
a potential capacity of 105MW. Data collection and environmental studies have
been continuing at a number of sites in both countries.

Statements in this news release, other than purely historical
information, including statements relating to the Company's future plans and
objectives or expected results, constitute Forward-looking statements. The
words "would", "will", "expected" and "estimated" or other similar words and
phrases are intended to identify forward-looking information. Forward-looking
information is subject to known and unknown risks, uncertainties and other
factors that may cause the Company's actual results, level of activity,
performance or achievements to be materially different than those expressed
or implied by such forward-looking information. Such factors include, but are
not limited to: uncertainties related to the ability to raise sufficient
capital, changes in economic conditions or financial markets, litigation,
legislative or other judicial, regulatory and political competitive
developments and technological or operational difficulties. Consequently,
actual results may vary materially from those described in the
forward-looking statements.

"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release."

    For more information:

    Finavera Renewables
    Myke Clark
    SVP Business Development
    Finavera Renewables
    +1-604-288-9051
    mclark@finavera.com

    Finavera Media Contact
    Mike Wilson, FD Element
    +1-604-760-4758
    mike.wilson@fd.com

For more information: Finavera Renewables, Myke Clark, SVP Business Development, Finavera Renewables, +1-604-288-9051, mclark at finavera.com; Finavera Media Contact, Mike Wilson, FD Element, +1-604-760-4758, mike.wilson at fd.com