Retransmission: NaiKun Wind Shareholder Update on BC Hydro's Clean Power Call
12 Marzo 2010 - 2:30PM
Marketwired
NaiKun Wind Energy Group Inc. (TSX VENTURE: NKW) issued the
following shareholder update today on BC Hydro's Clean Power Call.
NaiKun Wind Shareholder Update on BC Hydro's Clean Power
Call
Earlier today, BC Hydro announced a first round of contract
awards under the Clean Power Call. While NaiKun Wind's offshore
wind energy project was not included in this first round of awards
it remains under consideration in the Call. The values and unique
attributes of the NaiKun Wind project provide a compelling case for
its inclusion in the second round of contract awards.
NaiKun Wind's 396MW project is in an advanced stage of
development, having already received an Environmental Assessment
Certificate from the Government of British Columbia and enjoying
strong, collaborative partnerships with local First Nations.
NaiKun Wind's proposal submitted to BC Hydro also highlights the
project's superior wind resource, favourable conditions for
construction, scalability, utilization of available transmission
capacity, proven Siemens offshore wind and transmission technology,
significant economic benefits for North Coast communities, strong
public support and no significant environmental effects in the area
as further verified by the province's environmental approval. The
project also benefits from a counter-seasonal resource --
generation is highest when demand peaks in autumn/winter and when
hydro-based assets are at their lowest. The project would also
effectively eliminate the use of diesel generators for producing
electricity on Haida Gwaii.
NaiKun Wind's proposal is price-competitive compared to offshore
wind projects being constructed in other jurisdictions. In
addition, the project's advanced stage of the development provides
a high level of certainty that it can be built for the contracted
price. This is a distinguishing feature for the NaiKun Wind
project.
NaiKun Wind believes the significant wind energy resource in the
Haida Energy Field, situated in northwest B.C.'s Hecate Strait,
will need to be developed to sustain B.C.'s green energy advantage,
particularly given the historically high rates of attrition in past
power calls in B.C. and elsewhere. We believe there is a
first-mover advantage for B.C. in proceeding with North America's
first offshore wind energy project.
Going forward, our Company is working with the Federal
Government to complete their environmental review process for the
NaiKun Wind project, as well as with the Haida Nation on their
review. Additionally, we continue to collect wind and wave data
that confirms the very high quality of our project's resource, and
continue to support the Haida Nation in its effort to obtain a loan
guarantee from the Federal Government that would enable the Nation
to become one of the generation project's equity owners.
In addition to advancing the offshore wind project, NaiKun Wind
is working toward near-term acquisition of electricity generation
assets in advanced stages of development. NaiKun Wind has been
assessing potential projects for several months and negotiations
with multiple groups are ongoing. Our goal in pursuing these
opportunities is to diversify our risk profile and to secure
near-term revenue from renewable energy assets. To support this
goal, we have identified key equity partners who share our view
regarding the value opportunity in acquiring contracted projects
which require engineering, financing and other expertise in order
to move to completion. We expect to be able to provide more
information on this initiative in the coming months.
As of December 31, 2009, NaiKun Wind has $11.52 million in cash
and cash equivalents and will continue to operate so as to preserve
cash under an affordable cost structure. We have no current
requirement to raise additional capital.
On behalf of the NaiKun Wind team, I thank you for your ongoing
support.
Sincerely,
Paul Taylor, President and CEO
NaiKun Wind Energy Group Inc.
Caution Regarding Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. 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, made by
itself or on its behalf.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: NaiKun Wind Energy Group Inc. - Media Enquiries Doug
McClelland Director, Communications 604-631-4487
dmcclelland@naikun.ca NaiKun Wind Energy Group Inc. - Investor
Enquiries Peter Murray Manager, Investor Relations 604-631-4494
pmurray@naikun.ca www.naikun.ca
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