Northland Power will acquire the early-stage NaiKun wind project off the coast of British Columbia
NaiKun Wind Energy Group has signed an agreement to sell the NaiKun offshore wind farm located in the Hecate Strait off the coast of British Columbia, Canada to Canadian company Northland Power for an undisclosed amount.
Under the terms of the deal, Northland will acquire 100% ownership of the NaiKun’s wholly-owned subsidiary NaiKun Wind Development which is developing the early-stage NaiKun offshore wind farm.
Upon completion of the acquisition, Northland will be responsible for all aspects of the project while NaiKun will not be involved in the project development and operations.
Deal planned to be completed in mid-2020
Planned to be closed in mid-2020, the transaction is subject to the satisfaction of certain customary conditions.
Northland said it will work closely with the Haida Nation to assess the project details and potential involvement in the project development.
Northland Power president and CEO Mike Crawley said: “Northland can apply both its global offshore wind experience and long track record developing Canadian power projects to this Project.
“However, before anything else happens we will be reaching out to the Haida Nation to discuss the Project and how it could potentially move forward.”
Separately, Northland has acquired previously announced Dado Ocean Wind Farm in South Korea.
The project, which is in the early development stage, includes multiple development sites located 35km off the southern coast of the Korean Peninsula.
In 2017, DONG Energy and NaiKun Wind Energy Group have signed a Letter of Intent (LOI) which gives DONG Energy the exclusive rights to negotiate a joint development agreement for the Haida Energy Field Offshore Wind Project in British Columbia.