VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 12/07/07 -- Finavera
Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX
VENTURE: FVR) is pleased to announce it has secured commitments from
a group of Company founders and shareholders for a private placement
totaling a minimum of $1,100,000 to a maximum of $2,000,000. In
conjunction with the private placement, the board of directors will
also be restructured. Four members of the current board will resign.
They will be replaced by Hein Poulus as Chairman, John Icke and David
Lamont. Jason Bak remains as a director and CEO.

Finavera Renewables CEO Jason Bak said, "This financing allows us to
move forward without unnecessarily diluting shareholders at current
prices. In addition, our incoming board of directors will provide
strong leadership following what have been challenging market
conditions for the Company. The Company's founders and shareholders
who represent a significant shareholding in the Company, remain
committed to realizing the potential for the development of our core
assets."

Private Placement

Finavera Renewables has entered into non-brokered commitments to sell
a minimum of 11,000,000 units and a maximum 20,000,000 Units at a
price of $0.10 per Unit, for gross proceeds of a minimum of
$1,100,000 to a maximum of $2,000,000 (the "Offering"). Each Unit is
comprised of one common share and one share purchase warrant
("Warrant"). Each Warrant is exercisable for one additional common
share of the Company at a price of $0.15 per share for a period of 12
months from closing. Any securities issued under the private
placement will be subject to applicable resale restrictions. There
are no commissions or finders' fees to be paid on the transaction.
The placement remains subject to Exchange approval. The brokered
private placement announced by the Company on October 23, 2007 has
been cancelled.

Board Restructuring

Board chairman Tom Allen has resigned and directors Bertan Atalay,
Hans Fredrikson, Charles Stone and Alla Weinstein have offered their
resignations from the Board of Directors, effective upon the closing
of the placement. The Company would like to thank each of the
outgoing directors for their commitment and hard work over the past
year. Mr. Bertan Atalay remains as COO, along with the balance of the
senior management team. Jason Bak remains on the board and will be
joined by the following new directors:

Hein Poulus, QC

Mr. Poulus is a businessman and a partner in the Vancouver office of
the Stikeman Elliott law firm. His background includes: membership in
McAlpine, Poulus and Hordo, a Vancouver law firm (1973 to 1979);
senior management positions with Kaiser Resources (1979 to 1980), a
publicly traded producer of metallurgical and thermal coal and oil
and gas; and with private Kaiser companies (1980 to 1984) whose
activities included coal trading, oil and gas, real estate, and
professional football. He then served as a senior officer of
Southeastern Capital Corporation, a Denver-based leveraged buyout
group (1984 to 1990) with interests in broadcasting, petroleum
product distribution, and environmental laboratories. Mr. Poulus was
born in Djakarta, Indonesia and schooled there and in the
Netherlands. He holds undergraduate and law degrees from the
University of British Columbia and an LL.M. from the London School of
Economics.

John Icke

John Icke is a senior executive with in excess of 25 years management
experience, 14 in the role of President, General Manager or Chief
Executive Officer. Mr. Icke has global management experience in both
the private and public sector. Mr. Icke's career commenced in the
United Kingdom with assignments at Marks & Spencer plc, Gillette UK
Limited, Adams Foods and Fort Howard Paper(UK) Limited as General
Manager for their UK Service products division. In 1988 Mr. Icke was
promoted to the position of President & CEO of Lily Cups Inc. in
Canada a wholly owned subsidiary of the Fort Howard Paper Inc.
Subsequently, Mr. Icke was promoted to Executive Vice President
Operations for Sweetheart Cup Company another Fort Howard subsidiary
located in the USA. In 1995 Mr. Icke was recruited by Indigo NV a
leading supplier of digital print technologies as Worldwide General
Manager for Packaging and Decorative Printing. From 1997 Mr. Icke
served as President & CEO of ShopLink.com and in 1999 assumed the
additional title of Chairman. In 2002 Mr. Icke joined Accenture Inc
one of the world's largest consultant practices where he was
President of Accenture Business Services for Utilities, the largest
business process outsourcing practice of its kind worldwide. Since
2005 Mr. Icke has been the Principal of JRI Strategic Consultants Inc
providing strategic advice on mergers and acquisitions and business
reengineering. Mr. Icke joined Kyoto Planet Group Inc. in October
2007 as President & Chief Operating Officer.

David Lamont

David has been in the financial services industry for over 25 years.
As a founding partner of Capital Trust, a UK based investment
management and financial services boutique he has been involved in
numerous financial projects. He is also a director and significant
shareholder of a number of commercial property companies. David has
had a long career in arranging finance and equity funding for
numerous enterprises, providing advice and mentoring to those
companies with the ambition to go through large scale expansion.

Jason Bak, CEO

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

Finavera Renewables Inc. is dedicated to the development of renewable
energy resources and technologies. The Company's objective is to
become a major renewable and green energy producer by developing and
operating its assets in the wind and wave energy sectors. Finavera
Renewables Inc. is developing the licensed and patented 'AquaBuOY'
wave energy technology, a device that is based on proven and
sustainable buoy technology. The Company is developing wave energy
projects for AquaBuOY use in the United States, Portugal, South
Africa and Canada. The Company is also developing other wind energy
projects in Canada and Ireland. In Canada, a two stage 150 MW project
is being developed in Alberta. Construction on this advance stage
project is estimated to begin in 2008 and provides for near term
revenue. In British Columbia, four projects totaling 366 MW have been
entered into the provincial Environmental Assessment process, and
several other sites are being developed. In Ireland, two
pre-construction wind projects are under development with a potential
capacity of 175MW. Data collection and environmental studies have
been continuing at a number of sites in both countries.

This news release does not constitute an offer to sell or a
solicitation of an offer to sell any securities in the United States.
The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered
or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available. Statements in this
news release, other than purely historical information, including
statements relating to the Company's future plans, objectives or
expected results, constitute Forward-looking statements. Such
statements represent management's conclusion based on numerous
assumptions and are subject to all the risks and uncertainties
inherent in the Company's business, including development risks.
Further information concerning such risks is set forth in the
Company's formal disclosure documents filed on SEDAR, including its
MD&A. Consequently, actual results may vary materially from those
described in the Forward-looking statements.