Vancouver, British Columbia – August 13, 2009 – NaiKun Wind Energy Group Inc. (TSX-V: NKW) and the Haida Enterprise Corporation announced today that they have signed an agreement for the Haida Nation to acquire up to 40 per cent of the wind energy project being developed through NaiKun Wind subsidiary NaiKun Wind Generating Inc.
The Haida Enterprise, on behalf of the Haida nation, and NaiKun Wind have signed a memorandum of understanding in support of the agreement. HaiCo and the Haida nation will be seeking the support of the federal government for this proposal. The initiative is consistent with the objectives of the new Federal Framework on Aboriginal Economic Development. The current estimated cost of the NaiKun Wind project is approximately $2-billion.
“This is an important step for the NaiKun Wind project,” said Paul Taylor, NaiKun Wind’s president and chief executive officer. “Having the Haida nation with an ownership interest in the proposed project company underscores their support and commitment.”
NaiKun Wind’s original plan, as project developer, was to bring in a third partner for the implementation phase for the wind energy project. NaiKun Wind and Enmax Green Power Inc. currently each own 50 per cent of the project company. The proposed investment by HaiCo is also conditional on the wind project receiving environmental approvals from the Haida nation as well as the federal and provincial governments.
Next steps in the process include the Haida nation seeking support from the government of Canada for their participation in the project and the finalization of a sale and purchase agreement between Haida Enterprise and NaiKun Wind.
The Haida nation is currently a full partner with NaiKun Wind in the subsidiary that will operate and maintain the project after construction.
By acquiring a 40-per-cent position in the project company, HaiCo will join Enmax and NaiKun Wind as project partners.
NaiKun Wind is a British Columbia-based renewable energy company with offices in Vancouver, Masset and Skidegate. The 396 megawatt offshore wind energy project will generate enough energy to provide electricity to 130,000 B.C. homes, help the province reach its goal of becoming electricity self-sufficient by 2016, and play a significant role in combating climate change. The proposed project will also create an estimated 200 jobs during construction and 50 permanent jobs for maintenance and operations. NaiKun Wind is committed to working in partnership with First Nations and collaboratively with stakeholder groups and local communities in the development of its project.
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52-week low/high 0.235 / 1.27 Market Cap $23.2M
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– Basic 39.3M Debt $0
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