Business & Finance
Business and Finance
Business and Finance
Wed, August 26, 2009
Tue, August 25, 2009 NaiKun Wind Energy Group Inc.: NaiKun Wind Welcomes Clarity on BC Hydro Clean Power Call
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 25, 2009) - NaiKun Wind Energy Group Inc. (TSX VENTURE:NKW) ("NaiKun Wind") today provided an update to shareholders based on an announcement from BC Hydro regarding the Clean Power Call.
BC Hydro announced that it anticipates awarding Electricity Purchase Agreements for successful Clean Power Call participants in fall of 2009. The provincial utility also said that it will be assessing the status of First Nations consultations to determine whether Clean Power Call participants have conducted adequate consultation with respect to their power sale proposals.
"We're pleased to see that the Clean Power Call is back on track," said Paul Taylor, President and CEO of NaiKun Wind. "The government has been clear and consistent in its support for a strong renewable energy industry in the province and we're encouraged by the certainty re-established by BC Hydro's announcement."
"We look forward to BC Hydro and the provincial government taking action based on their recent announcements on the Clean Power Call," Taylor added.
The increased focus on First Nations relations has particular meaning for NaiKun Wind, as the company recently signed an agreement for the Haida Nation to acquire 40 per cent of the 396 MW project the company currently has under development. This comes in addition to the 50/50 partnership already in place with the Haida Nation and NaiKun Wind covering the subsidiary that will perform operations and maintenance work for the project after construction. NaiKun Wind also has commercial agreements with the Metlakatla and Lax Kw'alaams First Nations covering the transmission component of the project.
BC Hydro initiated the Clean Power Call in June 2008 and the original expectation was that energy purchase agreements would be awarded in the early summer of 2009. The process was delayed after the BC Utilities Commission released its review of BC Hydro's long-term power acquisition plan for the province.
NaiKun Wind Energy Group Inc. ([ www.naikun.ca ]) is a British Columbia-based renewable energy company with offices in Vancouver, Masset and Skidegate. The 396MW 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
