Vancouver: NaiKun Wind Energy Group Inc. announced March 27 that it had entered into an agreement to sell the NaiKun Offshore Wind Farm located in the Hecate Strait off the coast of British Columbia, to Northland Power Inc. to advance early stage renewable energy projects to the next level of development.
Upon successful completion of the transaction, Northland will be responsible for all aspects of the Project’s development. The transaction will occur by way of the Company selling Northland a 100% interest in its wholly owned subsidiary, NaiKun Wind Development Inc.
The transaction is anticipated to close in mid-2020, subject to the satisfaction of certain customary conditions, including but not limited to the Company obtaining the applicable regulatory approvals and approval of the transaction by way of a special resolution of the Company’s shareholders.
Naikun noted that there is no assurance that a Power Purchase Agreement can be attained in the foreseeable future. However, in their March 31 news release, Michael O’Connor, President and CEO of Oceanic Wind Energy, stated that he believes that the project is more likely to proceed under Northland’s management given their status and experience as a large Canadian developer, owner, and operator of like projects.