Renewables Releases First Quarter Financial Results and Provides Corporate Update

VANCOUVER, May 31, 2010 - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V:
FVR) announces its first quarter financial results and provides a corporate
review of recent and upcoming milestones.

Finavera Renewables CEO Jason Bak said, "We are very pleased with our
overwhelming success in the BC Hydro Clean Power Call. The execution of the
four long term power purchase agreements with BC Hydro represents the
completion of a significant first step along the path to successfully
delivering 301 megawatts of clean, renewable energy to the province of
British Columbia. Our next steps will be to complete our stakeholder review
process and to begin to finalize engineering, turbine supply contracts, and
financing arrangements in order to ensure that we can deliver these four
projects on time and on budget while creating significant shareholder value."

    Recent Milestones

    - On May 10, 2010, the Company announced that it had fully extinguished
      a convertible debenture, originally issued for $2,000,000 in April
      2008.
    - On April 28th, 2010, the Company announced the execution of the four
      EPA's with BC Hydro.
    - In March and April 2010, a total of 13,050,000 share purchase
      warrants were exercised at $0.10 per warrant for proceeds of
      $1,305,000.
    - On April 16, 2010, the Company announced it had adopted a Tactical
      Shareholder Rights Plan, subject to regulatory approval. The Plan
      would ensure the fair treatment of all Finavera Renewables
      shareholders in connection with any possible future take-over bids
      for the outstanding common shares of the Company.
    - March 2010 - Payment of $2,000,000 for BC Hydro Performance
      Guarantees to secure all 4 Projects.
    - On March 11, 2010, the Company announced that its four wind projects,
      comprising a total nameplate capacity of 301 megawatts ("MW"),
      submitted to B.C. Hydro in November 2008 under its 2008 Clean Power
      Call, had been accepted by BC Hydro for the award of long term (25
      year) Electricity Purchase Agreements ("EPA's). Annual revenue when
      all four projects are operating is estimated to be $100 million.

Upcoming Milestones

Finavera is working diligently on project finance and construction plans
for the near term Wildmare and Tumbler Ridge Wind projects, both of which
have commercial operation dates of November, 2012. Financial Close for the
two projects is expected to occur in the summer of 2011, at which point
Turbine Supply Agreements, project finance, and all final permitting will be
required to be place. The extensive work carried out by Finavera and third
party consultants provides the Company with the confidence the projects will
be financeable due to healthy rates of return. Finavera is examining a number
of financing options for the Company and its projects and a decision is
expected to be announced by Q4, 2010.

The Company expects to continue 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 Memorandums
of Understanding ("MOU's") for turbines during Q2/Q3 2010, in advance of
executing final Turbine Supply Agreements in late 2010/early 2011. For the
Tumbler Ridge Project, discussions are continuing with GE Energy for the
exclusive supply of GE equipment for the project.

Finavera Renewables will carry out further spring and summer field
surveys this year on Wildmare, Meikle, and Tumbler Ridge projects in order to
complete the work carried out to date, and will begin preparing the
Environmental Assessment Certificate applications for submission in late
autumn 2010. A decision would be expected from the Environmental Assessment
Office ("EAO") approximately 180 days after the applications are submitted.
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 First Nations, which 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.

Negotiations are continuing with respect to the potential Joint Venture
development of the 105 megawatt Cloosh Valley Wind Project in Ireland. The
proposed Joint Venture partner has extensive experience in wind project
development and has a number of wind farms in operation. The proposed
agreement includes a significant initial payment to the Company combined with
staged payments along the development path as the Project proceeds to
financial close. Under the proposed agreement, the Company will maintain an
equity position in the project in order to realize ongoing revenue once the
project is in operation.

Finavera Renewables is enhancing its investor relations campaign through
marketing road shows to institutional and retail investors, media relations,
and community initiatives. This enhanced campaign will also include news
releases accompanying all quarterly financial reports and regular project
updates. Finavera Renewables is in a select group of publicly traded
companies that have several hundred megawatts of contracted wind projects in
their portfolio and an enhanced communications plan will illustrate this to
the market.

Summary Financial Results

During the quarter, a net loss of $719,558 (2009 - $1,314,774) was
recorded. The loss was $595,216 lower than the comparative quarter. General
expenditures in the current quarter were lower than the comparative quarter,
as the Company waited for BC Hydro to complete the Clean Power Call. The
major differences, comprising 84% of the change, were: an increase in foreign
exchange gain of $232,688 (from a loss of $67,646 in 2009 to a gain of
$165,042 in 2010), reductions in project costs of $98,009 (from $439,334 in
2009 to $341,325 in 2010), reductions in payroll cost of $53,880 (from
$234,688 in 2009 to $180,808 in 2010), professional fees were reduced by
$49,255 (from $118,474 in 2009 to $69,492 in 2010) and interest and financing
costs declined by $67,148 (from $236,101 in 2009 to $168,953 in 2010). This
financial summary should be read in conjunction with the Company's March 31,
2010 unaudited interim consolidated financial statements and Management's
Discussion and Analysis, both of which are available on www.sedar.com
and on www.finavera.com.

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 25 year 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.

The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of, this release.

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

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