Finavera Wind Energy's Wildmare and Tumbler Ridge Wind Projects Advance in Environmental Assessment Process

VANCOUVER, British Columbia, March 7, 2011 - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V:
FVR) is pleased to announce the Company's 77 megawatt (MW) Wildmare and 47 MW
Tumbler Ridge Wind Energy Projects have successfully passed the screening
stage of the British Columbia Environmental Assessment process. These
projects are two of the Company's four projects that were each awarded 25
year power purchase agreements from BC Hydro in March, 2010. This milestone
is on schedule and in line with an estimated $350 million project financing
(equity and senior debt) which is expected to close in Q4 2011 followed by
commencement of construction immediately thereafter. Commercial operation
dates are estimated to be in late 2012, followed by initial revenue.

"The notification that these projects have passed the Environmental
Assessment screening stage assures us that we remain on track to hit our
scheduled commercial operation dates for the Wildmare and Tumbler Ridge Wind
Energy Projects," said Finavera Wind Energy President and COO Peter Leighton.

Based on existing conditions and with the mitigation proposed, the
projects are not expected to result in any significant impacts for the
biophysical, social, heritage, economic and health components assessed for
these Applications. The final decision on impacts will be determined by the
BC Ministry of Environment and the BC Ministry of Energy and will be
reflected in a decision to issue Environmental Assessment Certificates to the
Company for the projects. The Projects have passed the screening stage 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).

The Environmental Assessment Application for the Company's 117 MW Meikle
Wind Energy Project will be submitted to the EAO in the Spring of 2011, and
the Application for the 60 MW Bullmoose Wind Energy Project is scheduled to
enter the Environmental Assessment process the following year.

Jason Bak, CEO

About Finavera Wind Energy Inc. (www.finavera.com)

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
States.

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
    +1(604)-288-9051
    mclark@finavera.com

    Investor Relations
    Spyros Karellas
    Pinnacle Capital Markets
    +1(416)-800-8921
    +1(416)433-5696
    spyros@pinnaclecapitalmarkets.ca

For further information: Finavera Wind Energy, Myke Clark, SVP Business Development, Finavera Wind Energy, +1(604)-288-9051, mclark at finavera.com; Investor Relations, Spyros Karellas, Pinnacle Capital Markets, +1(416)-800-8921, +1(416)433-5696, spyros at pinnaclecapitalmarkets.ca