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The permit, which is valid for two years, grants Finavera Renewables the right to conduct resource and environmental studies to determine the feasibility of a wave energy project. The Ucluelet project has the potential to become the first offshore wave energy project in Canada.

Bertan Atalay, Finavera Renewables COO, said:
"The west coast of Vancouver Island has an incredible wave resource that has the potential to provide clean, sustainable energy to thousands of homes. This project has the potential to revolutionize the generation of clean electricity by utilizing one of the largest sources of untapped energy: the ocean. The province of British Columbia could benefit significantly from a new, alternative source of clean power."

The proposed Ucluelet project would use interconnected clusters of the company’s licensed and patented AquaBuOY wave energy converter. The project would have an initial potential generating capacity of 5MW, which is sufficient electricity to power almost 2,000 Canadian homes, with a planned expansion to 100MW. Finavera Renewables is continuing the construction of the half-scale AquaBuOY device, and plans to deploy it this summer off the coast of Newport, Oregon.

The project may also be eligible for ‘flow-through’ tax incentives from the Federal Government. In its 2007 Budget introduced March 19th, the Canadian government introduced measures to make ocean energy eligible for the Canadian Renewable and Conservation Expense and the Accelerated Capital Cost Allowance. Finavera Renewables worked with the government to pursue these changes, and was recognized at the time in a letter from Natural Resources Minister Gary Lunn, “As active proponents of this amendment, Finavera Renewables helped to successfully illustrate to government the utility of these market driven tax incentives to support Canada technology and domestic industry. We will support the ocean energy sector and its Canadian developers and technology leaders such as Finavera.”

Jason Bak, Finavera Renewables CEO, concluded:
“The Ucluelet wave energy project adds to the diversity of our renewable energy portfolio, and combined with the construction of the AquaBuOY device, represents an exciting time for our company. We now have five wave energy projects planned or under development in several countries, and the world will be able to see the AquaBuOY in the ocean later this summer. In this current volatile market, it is important to note that Finavera Renewables can also rely on the near-term anticipated revenue from our wind farm projects to further strengthen our portfolio.”

AquaBuOY
The AquaBuOY looks like any buoy from the surface and is designed to ride with the waves' ebbs and flows.  This design means that will survive rough seas and storms.  Electricity is generated by the motion of the waves using a piston like action through an acceleration tube.

The acceleration tube is a vertical, hollow cylinder rigidly mounted under the body of the buoy. The tube is open in both ends so seawater can pass unimpeded back and forth, forcing the piston to move, and in turn extend or compress the hose pumps. Positioned at the midpoint of the acceleration tube is the piston, a broad, neutrally buoyant disk. When the buoy is at rest, the piston is held at the midpoint by the balanced tension of two hose pumps that are attached to opposite sides of the piston and extend to the top and bottom of the acceleration tube.

Greater power output is created by adding more buoys, making the system very flexible.

Investigative Use Permit
Under the Investigative Use Permit granted by the province of British Columbia, studies will be conducted as part of Finavera Renewables’ project feasibility assessment. Studies will be carried out to determine the extent of local fishing activities, commercial and recreational activities, visual impact, public safety, marine mammal resources, marine biological resources, and oceanographic conditions. These studies will also include the use of a wave measurement device (a 1.5 meter diameter buoy) to collect wave height and period data. An assessment of the power plant economics, local transmission, power capacity and other local infrastructure, including port access, will also be conducted by Finavera Renewables.

The National Energy Board (NEB) of Canada says there are 55 potential sites for tidal energy projects near Vancouver Island in the province of British Columbia. These sites are distinguished by current speeds greater than 2 metres per second. Twelve of the 55 site have the potential for 10 MW of generation each.

Wave Energy
Wave and Tidal generated electricty is gaining a lot of interest and investement around the British Isles, Ireland and the American East Coast because they have the best natural potential, especially for tidal currents.  Wave energy represents a reliable and predictable source of natural power, unlike wind and solar.  However, it remains unclear what impact the technologies may have on marine life and silt movement.