Finavera Wind Energy, GE Energy Financial Services Progress Toward Proposed Investment in British Columbia Wind Farm

By Finavera Renewables Inc., PRNE
Monday, February 14, 2011

VANCOUVER, British Columbia, February 15, 2011 - GE Energy Financial Services, a unit of GE (NYSE: GE), has agreed on the
indicative terms of an equity investment in a 77-megawatt wind farm that
Finavera Wind Energy Inc. ("Finavera" or the "Company") (TSXV: FVR) plans to
build in British Columbia's Peace River Region.

Finavera, formerly Finavera Renewables, Inc., and the GE unit are working
to convert the indicative terms into a binding agreement under which GE
Energy Financial Services, subject to satisfaction of conditions precedent,
would provide cash equity for the Wildmare Wind Energy project. Finavera
would provide the non-cash equity, including the energy contract, permits and
development work to date, and serve as managing partner. Based on current
financial information, it is estimated that Finavera would retain a 30
percent economic interest. The two companies would jointly arrange debt
financing and retain a third-party engineering firm to oversee construction
of the project. Execution of the equity investment agreement is subject to
customary corporate and regulatory approvals, completion of ongoing due
diligence, satisfactory documentation and approval by each company's Board of
Directors. Additional financial details were not disclosed. Further details
will be released upon execution of final documentation.

"This is the first of several milestones we expect to achieve with our
wind portfolio and sets the stage for significant growth," said Finavera Wind
Energy's CEO Jason Bak. "We are working to create a platform that will
provide stable revenues for decades and will allow us to build on our
relationship with GE."

The Wildmare Wind Energy Project, with an estimated capital cost of $200
, is located in an area with world-class wind speeds and guaranteed
access to transmission. The project has a 25-year power purchase agreement
with BC Hydro. It would support British Columbia's Energy Plan, which
includes a commitment to electricity self-sufficiency by 2016 and zero net
emissions from all new power generation.

Finavera and GE Energy Financial Services also are continuing to work
closely to advance Finavera's three other British Columbia wind projects,
including the 47-megawatt Tumbler Ridge, 117-megawatt Meikle and 60-megawatt
Bullmoose wind energy projects. Each of the three projects also has a 25-year
power purchase agreement with BC Hydro.

Jason Bak, CEO

About Finavera Wind Energy Inc. (http;//

Finavera Wind Energy is a wind energy development company focused on
developing, constructing, and operating wind farms in North America and
Ireland. Our mission is to create and operate a viable renewable energy
business while protecting and enhancing the physical and social environment.
In British Columbia, Canada, projects totaling 301 MW have been awarded 25
year Electricity Purchase Agreements. In Ireland, the Company has signed a
co-development agreement with Scottish and Southern Renewables for the 105 MW
Cloosh Valley Wind Project. Data collection and environmental studies have
been continuing at a number of prospective sites in Canada and the United

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 further information:

    Finavera Wind Energy
    Myke Clark
    SVP Business Development
    Finavera Wind Energy

    Investor Relations
    Spyros Karellas
    Pinnacle Capital Markets
    +1(416) 433-5696

    Media Contact
    Mike Wilson, FD Element

Finavera Wind Energy, Myke Clark, SVP Business Development, Finavera Wind Energy, +1(604)-288-9051, mclark at; Investor Relations, Spyros Karellas, Pinnacle Capital Markets, +1(416)-800-8921, +1(416) 433-5696, spyros at;
Media Contact, Mike Wilson, FD Element, +1(604)-760-4758, mike.wilson at

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