Finavera Wind Energy Provides Corporate Update and Releases Financial Results

By Finavera Wind Energy Inc., PRNE
Monday, March 28, 2011

VANCOUVER, March 29, 2011 - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company')
(TSX-V: FVR) announces its 2010 year-end financial results and provides a
corporate update for shareholders.

Finavera Wind Energy CEO Jason Bak said, "2010 marked an exciting year
for the Company and 2011 promises to generate further value for shareholders.
Milestones that we expect to achieve include the award of Environmental
Assessment Certificates for the Tumbler Ridge and Wildmare Wind Energy
Projects, equity and senior debt agreements for the financing of our first
two wind projects, turbine supply agreements, the selection of a construction
contractor and commencement of construction on the 47 MW Tumbler Ridge Wind
Energy Project as well as significant new project initiation. This year will
see our value grow as we hit these concrete milestones, and demonstrate our
ability to develop wind projects from origination to construction, and
ultimately to operation and revenue generation. We are also actively
exploring expansion opportunities in order to expand our project pipeline, as
we recognize the need for continual growth once our current portfolio is in

Mr. Bak continues, "North America is still experiencing the early stages
of growth in renewable energy and we are confident that as wind energy
continues to present a superior energy alternative, our development
experience and partnerships will allow us to be in a key position to take
advantage of future growth and entrench a firm leadership position in our

Recent Milestones

- Finavera Wind Energy and GE Energy Financial Services ("GE EFS"), a
unit of GE (NYSE: GE), agreed on the indicative terms for 100% of the cash
equity investment in the 77-megawatt ("MW") Wildmare Wind Energy Project,
located in British Columbia's Peace River Region. 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

- The Company changed its name from Finavera Renewables to Finavera Wind
Energy, Inc., which represents the singular focus on becoming the premier
publicly traded pure wind energy developer in North America.

- Finavera's 77 MW Wildmare and 47 MW Tumbler Ridge Wind Energy Projects
have successfully passed the screening stage of the British Columbia
Environmental Assessment process.

- Signed a Memorandum of Understanding ("MOU") with the Halfway River
First Nation for the development of the Company's four wind projects in the
Peace Region of British Columbia. The MOU is a mechanism through which the
Halfway River First Nation has provided its acknowledgement and acceptance
for the Tumbler Ridge, Wildmare, Meikle, and Bullmoose Wind Projects. The MOU
establishes the processes and sharing of benefits that will ensure an ongoing
positive relationship with First Nations communities.

- Signed a series of agreements for the co-development of the 105 MW
Cloosh Valley Wind Project in County Galway, Ireland. Finavera sold a
majority interest in the project to Scottish and Southern Energy for EUR8.4
, payable in stages. Finavera will retain a 10% equity interest in the
project and will participate in all project development functions and

- Entered into a project development partnership with GE Energy, a
business unit of GE. Under the terms of the Joint Development Agreement, GE
Energy provides the Company with project development funding up to $7,500,000
for the Company's Peace Region wind projects. Following an extensive
suitability analysis by Finavera, GE Energy shall also be the preferred wind
turbine supplier for those projects.

British Columbia Project Updates

Finavera is in the process of signing Standard Generator Interconnection
Agreements ("SGIA") with BC Hydro for the four British Columbia wind
projects, for which the Company has secured 25 year power purchase agreements
with BC Hydro. The SGIA commits the Company and BC Hydro to a specific
commercial operation date ("COD"). The COD date agreed to between Finavera
and BC Hydro is critical as BC Hydro must have interconnection facilities
constructed by this time, and Finavera must have the wind project constructed
and commissioned. The commercial operation dates for the Company's BC
projects have been adjusted to allow appropriate time for the construction of
interconnection facilities, and are as follows: Tumbler Ridge, November 2012;
Wildmare, November 2013; Meikle, November 2013; and Bullmoose, 2015.

The Company continues to negotiate a definitive equity agreement with GE
Energy Financial Services for the Wildmare Wind Energy Project. The Company
is targeting close of a definitive agreement in April, 2011. Finavera and GE
EFS also are continuing to work closely to advance Finavera's three other
British Columbia wind projects, including the 47 MW Tumbler Ridge, 117 MW
Meikle and 60 MW Bullmoose wind energy projects. The primary focus of
discussions centres on the Tumbler Ridge project, as that project has the
nearest term commercial operation date. Equity negotiations remain on track
to support arranging senior debt facilities prior to each projects' expected
financial close.

The Company continues to advance project engineering with GENIVAR in the
immediate term, with the intent of completing a competitive bid process and
selection of an experienced EPC contractor prior to financial close. Turbine
supply negotiations are continuing with Tier 1 wind turbine suppliers for the
projects. Finavera intends to execute binding Turbine Supply Agreements in Q2
2011 for the Tumbler Ridge and Wildmare projects.

The Environmental Assessment Applications for the Tumbler Ridge and
Wildmare projects have passed the screening stage of the British Columbia
Environmental Assessment process, and will enter the Application Review stage
shortly. The Application Review stage must be completed in a maximum of 180
days. After the Review stage is complete, they will be considered by the
Ministers for an Environmental Assessment Certificate (maximum 45 days). No
fatal flaws have been identified in the environmental process and the Company
is optimistic it will receive a positive decision from the EAO.

The Company continues to invest significant resources into developing
long term business relationships with the four relevant Treaty 8 First
Nations with the intent to create value-for-value outcomes for the First
Nation communities and for Finavera. The Company is presently negotiating
Memorandums of Understanding with the Doig River First Nations, McLeod Lake
Indian Band, Saulteau First Nations, and West Moberly First Nations. The
company has previously signed an MOU with the Halfway River First Nation. The
MOUs would cover financial compensation issues, a communications protocol and
a relationship protocol. Finavera is committed to creating a long term
partnership with all identified First Nations throughout the life of the
proposed projects.

Cloosh Valley Wind Project Update

In August, 2010 the Company sold a majority interest in its grid
connection for the Cloosh Valley project, Ireland's largest onshore wind
project, to Scottish and Southern Energy for EUR8.4 million. The
consideration is paid in installments up to financial close of the project.
In mid-February, 2011, Eirgrid (Ireland's national transmission system
operator) provided the Gate 3 Connection Offer for the 105MW Cloosh Valley
Wind Farm. Finavera, its project partners, and Eirgrid are addressing
remaining questions in preparation for a mutually acceptable Connection

Summary of Financial Results

In 2010 the Company had net income of $1,400,804, significantly higher
than the $3,333,262 net loss in 2009, an improvement of $4,734,066 due to
significant decreases in operating expenses of $1,136,032, a gain recorded on
the disposal of a subsidiary of $3,030,069, a gain recorded on sale of a
majority interest in the Company's Ireland wind project of $1,408,283, a gain
recorded upon the extinguishment of a convertible debenture of $160,929, and
a reduction in financing fees and interest of $426,071.

Total project activity in 2010 was much higher than in 2009. The Company
incurred total project costs in 2010 of $5,952,849, comprised of $5,483,595
capitalized on the balance sheet and $469,254 which was expensed, compared to
total project costs of $1,441,777 in 2009, all of which was expensed as

This financial summary should be read in conjunction with the Company's
December 31, 2010 financial statements and Management's Discussion and
Analysis, both of which are available on and on

Jason Bak, CEO

(All $ figures refer to Canadian dollars)

About Finavera Wind Energy Inc. (

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 105MW
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

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

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