For Immediate Release
October 15, 2018
Vancouver. B.C. - Ørsted and Naikun Wind Energy Group Inc. (TSX-Venture: NKW) (“NaiKun”) have decided not to pursue further a joint development agreement for the Haida Energy Field Offshore Wind Project in British Columbia and to end partnership discussions.
Michael O’Connor, CEO of NaiKun, “We would like to thank Ørsted for assisting us in continuing to develop the project over the last 12 months and wish them well with their future endeavors. NaiKun is in current discussion with interested alternate partners who are familiar with the wind resource and the development that NaiKun has progressed over the past many years, including the accomplishments of the last year. With the industrial development on the North Coast of British Columbia, and the growing demand and support for Renewable Energy, there are compelling reasons for the project to proceed to the development stage.
“Since the formation of the partnership in September of 2017, progress has been made in the development of the project, but it is still in the development phase in a less mature market compared to others like the U.S. east coast” said Thomas Brostrom, President of Ørsted North America.
“Ørsted believes that the business is for the time being best served by focusing our efforts on our rapidly expanding U.S. portfolio. We are thankful to NaiKun for the opportunity, and we look forward to future possibilities in Canada and will continue to follow the market closely.”
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore wind farms, bioenergy plants and innovative waste-to-energy solutions and provides smart energy products to its customers. In 2017, the group’s revenue was DKK 59.5 billion (EUR 8.0 billion). For more information on Ørsted, visit https://orsted.com/ or follow us on Facebook, Linkedin, Instagram and Twitter.
NaiKun is a British Columbia-based renewable energy company. Located on B.C.’s northwest coast, where the wind resource is one of the strongest and most consistent in the world, NaiKun’s 396MW offshore wind project would generate enough energy to provide electricity to 130,000 B.C. homes. If the project does proceed it is expected to result in an estimated 500 jobs during construction, 50 permanent jobs for maintenance and operations and over $400 million in direct expenditures in the province during construction, of which $250 million will benefit North Coast communities.
Caution Regarding Forward-Looking Statements – This news release contains certain forward- looking statements. 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, make by itself or on its behalf.
The NaiKun project is at an advanced stage of development with environmental approvals from the Provincial and Federal Governments and agreements in place with key suppliers and First Nations. Given its development status, construction can begin within two years of the award of an electricity purchase agreement. For more information on NaiKun, please visit www.naikun.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Michael O’Connor, President & CEO
Tel: 604-639-8460 • Fax: 604-685-4215
Lauren Burm, Ørsted Media Contact