Business
Finavera Renewables Receives Investigative Permit for Wave Energy Project in Ucluelet, British Columbia
Finavera Renewables Receives Investigative Permit for Wave Energy Project in Ucluelet, British Columbia.
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, CANADA, August 13 /CNW/ - Finavera Renewables Inc. ('Finavera\nRenewables' or 'the Company') (TSX VENTURE:FVR) has received an Investigative\nUse Permit for a wave energy project off the west coast of Vancouver Island in\nBritish Columbia, Canada. The permit, which is valid for two years, grants\nFinavera Renewables the right to conduct resource and environmental studies to\ndetermine the feasibility of a wave energy project. The Ucluelet project has\nthe potential to become the first offshore wave energy project in Canada.\n\n\nFinavera Renewables COO Bertan Atalay said, "The west coast of Vancouver\nIsland has an incredible wave resource that has the potential to provide\nclean, sustainable energy to thousands of homes. This project has the\npotential to revolutionize the generation of clean electricity by utilizing\none of the largest sources of untapped energy: the ocean. The province of\nBritish Columbia could benefit significantly from a new, alternative source of\nclean power."\n\n\nThe proposed Ucluelet project would use interconnected clusters of the\ncompany's licensed and patented AquaBuOY wave energy converter. The project\nwould have an initial potential generating capacity of 5MW, which is\nsufficient electricity to power almost 2,000 Canadian homes, with a planned\nexpansion to 100MW. Finavera Renewables is continuing the construction of the\nhalf-scale AquaBuOY device, and plans to deploy it this summer off the coast\nof Newport, Oregon.\n\n\nThe project may also be eligible for 'flow-through' tax incentives from\nthe Federal Government. In its 2007 Budget introduced March 19th, the Canadian\ngovernment introduced measures to make ocean energy eligible for the Canadian\nRenewable and Conservation Expense and the Accelerated Capital Cost Allowance.\nFinavera Renewables worked with the government to pursue these changes, and\nwas recognized at the time in a letter from Natural Resources Minister Gary\nLunn, "As active proponents of this amendment, Finavera Renewables helped to\nsuccessfully illustrate to government the utility of these market driven tax\nincentives to support Canada technology and domestic industry. We will support\nthe ocean energy sector and its Canadian developers and technology leaders\nsuch as Finavera."\n\n\nFinavera Renewables CEO Jason Bak concluded, &...