Finavera Renewables grants options to director

VANCOUVER, Aug. 17 /CNW/ - Finavera Renewables Inc. ("Finavera Renewables" or the "Company") (TSX-V: FVR) announced today that the Company has granted 500,000 incentive stock options to a director. The share purchase options entitle the holder to purchase up to 500,000 common shares of the capital stock of the Company at a price of $0.10 per share for a period of five years.

The issuance of these options is subject to the approval of the TSX Venture Exchange.

Jason Bak, CEO

About Finavera Renewables Inc. (www.finavera.com)

Finavera Renewables Inc. is dedicated to the development of wind 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 Electricity Purchase Agreements under the BC 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.

Neither the TSX Venture Exchange nor its Regulation Service Provide (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 Renewables, Myke Clark, SVP Business Development, Finavera Renewables, 604-288-9051, [email protected]