Finavera Wind Energy Closes Private Placement

Finavera Wind Energy Inc. ("Finavera" or the "Company") (TSX-V: FVR) is pleased to announce it has closed a $179,460 non-brokered private placement announced on April 13, 2012. The private placement consists of 535,700 units at a price of $0.335 per unit. Each unit consists of one common share and share purchase warrant, with each warrant exercisable at $0.50 for 12 months from the date of closing of the private placement. Shares issued pursuant to this private placement are subject to a four month hold.

The Company has received final approval from the TSX Venture Exchange for the private placement.

Finavera Wind Energy is a wind energy development company focused on developing, constructing, and operating wind farms in North America and Ireland. Our mission is to create and operate a viable renewable energy business while protecting and enhancing the physical and social environment.

In British Columbia, Canada, wind power projects totaling 301 MW have been awarded 25 year Electricity Purchase Agreements. In Ireland, the Company has signed a co-development agreement with SSE plc and Coillte Teoranta (the Irish Forestry Board) for the development and construction of Ireland’s largest wind farm, the 105MW Cloosh Valley Wind Project. Data collection and environmental studies have also been continuing at a number of prospective sites in Canada and the United States.