Ming Yang Smart Energy Group and Oceanic Wind Energy have announced the signing of a Memorandum of Understanding ('MOU'), a strategic investment partnership for the development of a major offshore wind energy project in the Hecate Strait off the northwest coast of British Columbia.
The project is being advanced by Coast Tsimshian Enterprises (CTE) and Oceanic Wind Energy Inc., CTE is a 50/50 partnership with the Metlakatla and Lax Kw’alaams First Nations. The initiative represents one of Canada’s largest Indigenous renewable energy opportunities and has the potential to generate between 1.5 GW and 2 GW of clean electricity for British Columbia. The Hecate Strait wind resource is recognized as one of the world’s strongest, most consistent with winds exceeding 10 m/s, annual Capacity Factors over 50% and winter Capacity Factors of 65%; when BC Hydro needs the power.
Under the terms of the MOU, Ming Yang intends to evaluate opportunities to provide equity investment, debt financing, and strategic partnership support for the development, construction, and long-term operation of the offshore wind project. During the 90 day due diligence period the size and scope of the investment will be determined by the parties.
'This agreement reflects the growing international confidence in Indigenous partnerships in clean energy development in Canada,' said Michael O’Connor, P. Eng., President and CEO of Oceanic Wind Energy Inc. 'By working together with Ming Yang, Coast Tsimshian Enterprises, we are taking an important step toward building a globally significant offshore wind industry that creates sustainable economic opportunities while supporting British Columbia’s transition to clean energy.'
Ming Yang Smart Energy Group, a global leader in renewable energy technology and offshore wind systems, have expressed strong interest in supporting the project’s long-term success through capital investment, technical, building and operating expertise.
The parties emphasized that the MOU is non-binding.
The Board of Oceanic Wind Energy Inc. is also pleased to announce the retention of Falkirk Environmental Consultants to initiate work on the environmental approvals process for the project, beginning with preparation and submission of the Initial Project Description (IPD). This work represents an important early milestone in advancing the regulatory and environmental assessment framework necessary to support responsible offshore wind development in British Columbia.
About Oceanic Wind Energy Inc.
Oceanic Wind Energy Inc. is a Canadian renewable energy development company, listed on the TSX (NKW.H) with a focus on advancing offshore wind opportunities in British Columbia. The company is committed to working collaboratively with Indigenous communities and stakeholders to develop sustainable energy infrastructure that supports long-term economic and environmental benefits.
About Ming Yang Smart Energy Group Limited
Ming Yang Smart Energy Group Limited is a Chinese energy provider that produces and installs wind, solar, storage, and hydrogen infrastructure, a public company listed on the Shanghai Stock Exchange and on London Stock Exchange (MYSE.L) is a leading global renewable energy company specializing in the development and manufacture of offshore and onshore wind turbine systems, energy storage solutions, and smart energy technologies.
Source: Oceanic Wind via GlobeNewswire
