Renewing what’s possible

Finavera Renewables Inc. (‘Finavera Renewables’ or the ‘Company’) (TSX-V: FVR) is pleased to announce it has closed a $600,000 non-brokered private placement and a $1,500,000 development loan announced on March, 9 2010. The private placement consists of 10,000,000 shares at a price of $0.06 per share. Shares issued pursuant to this private placement are subject to a four month hold.

The $1,500,000 development loan has a one year term with an annual interest rate of 12% and is secured against a minority interest in the Company’s Cloosh Valley wind project until such time as the loan is repaid. A total of 7,000,000 share purchase warrants have been issued to the lender with each warrant exercisable at $0.10 for 12 months from the date of closing of the loan.

Proceeds of the placement and loan will be used to provide the required performance security to BC Hydro for the four wind projects awarded Electricity Purchase Agreements in the BC Hydro Clean Power Call. Finavera was awarded four Electricity Purchase Agreements totaling 293 megawatts of generating capacity.
The private placement and loan are subject to final TSX Venture Exchange approval. Private placement Insider: Kevin Anderson (Insider totals 100% of Private Placement).

Jason Bak, CEO