Vancouver, B.C. – March 17, 2011 – NaiKun Wind Energy Group (TSX-V: NKW) (“the Company") announced today that its offshore wind energy project has been granted a federal screening decision, confirming that Canada’s first offshore wind project can be constructed with no significant environmental, social or health effects.
“This is an exciting and noteworthy milestone for NaiKun Wind and for British Columbia,” said NaiKun Wind’s CEO Michael O’Connor. “The NaiKun Wind project offers a superior renewable, green energy resource, with ideal wind conditions – better than 10 metres per second average annual wind speed. With environmental approvals in place we are confident that NaiKun Wind is well positioned to become Canada’s first offshore Wind Energy Project and the beginning of the development of the remarkable north coast wind energy field.”
The decision states that the NaiKun Wind Project met the requirements of the Canadian Environmental Assessment Act (CEAA) and successfully concludes the harmonized environmental assessment review process. Responsible federal agencies are now authorized to issue the required construction and operating permits, including a Navigable Water Protection Act Approval and Fisheries Act Authorization.
“The successful conclusion of the federal environmental review process, together with the many other milestones we have reached, validates the extensive work undertaken by the Company,” said Mr. O’Connor. “We look forward to continuing to work with our First Nations and community partners, along with provincial and federal agencies, in developing the project to ensure that it is built to the highest environmental standards.”
As part of the environmental review process, NaiKun Wind made numerous commitments carefully designed to maximize project benefits and ensure a rigorous environmental management program.
Clean energy produced by the NaiKun Wind project will displace approximately 450,000 tonnes of greenhouse gas emissions annually, with the HaidaLink proposal replacing the 26,000 tonnes of diesel fuel currently burned each year to provide power on Haida Gwaii. The project is expected to result in at least 500 direct jobs during construction and 50 permanent jobs for maintenance and operations and over $400 million in direct expenditures in the province during construction, of which at least $250 million will benefit North Coast communities.
The NaiKun Wind project is at an advanced stage of development, with agreements in place with key suppliers and First Nations and is now in a position to begin construction within two years of receiving an energy purchase agreement.
NaiKun Wind Energy Group Inc. is a British Columbia-based renewable energy company with offices in Vancouver, Masset and Skidegate. Located on B.C.’s northwest coast, where the wind resource is one of the strongest and most consistent in the world, NaiKun Wind’s 396MW offshore wind project would generate enough energy to provide electricity to 130,000 B.C. homes. For more information on NaiKun Wind, please visit www.naikun.ca.
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Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
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