Finavera abandons 1-MW Makah Bay, 100-MW Humboldt wave projects

Finavera Renewables Inc. has filed applications to surrender its federal license for the 1-MW Makah Bay Offshore Wave Pilot project in Washington and its preliminary permit for the 100-MW Humboldt County Offshore Wave Energy Power project proposed for California.

Makah Bay, proposed for a site in the Pacific Ocean off the coast of Washington, was the first wave energy project granted an operating license by the Federal Energy Regulatory Commission. (HNN 10/28/08)

Finavera Renewables Ocean Energy Ltd., the licensee, filed the license surrender application on Feb. 6. It said Makah Bay (No. 12751) was not economically viable, citing an unfavorable economic climate and restrictions on capital necessary to continue project development. The company added efforts to transfer the license were not successful.

Finavera Renewables Ocean Energy submitted a petition the same day to surrender its permit for the Humboldt County project (No. 12753), proposed for a site in the Pacific Ocean. In that filing, the company repeated the current economic climate and restrictions on capital necessary to develop the project had rendered the project uneconomic.

Finavera, based in Vancouver, British Columbia, said the decisions allow it to focus on its wind project portfolio and to give shareholders greater certainty in a challenging economy.

Finavera said retains all intellectual property associated with its AquaBuoy wave energy technology and seeks financial and technical partners for future development of the technology. For information, contact Myke Clark, Senior Vice President Business Development, Finavera Renewables, (1) 604-288-9051; E-mail: mclark@finavera.com.

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