Haida Nation Signs Agreement To Acquire Portion Of NaiKun Wind Energy Project

NAW Staff, Thursday 13 August 2009 - 01:00:00

Vancouver, British Columbia-based NaiKun Wind Energy Group Inc. and the Haida Enterprise Corp. (HaiCo) have signed an agreement for the Haida Nation to acquire up to 40% of the wind energy projects being developed through NaiKun Wind's subsidiary, NaiKun Wind Generating Inc.

HaiCo, on behalf of the Haida Nation, and NaiKun have signed a memorandum of understanding in support of the agreement. HaiCo and the Haida Nation will be seeking the support of the Canadian government for this proposal.

According to Naikun, 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.

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% 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 from the Canadian federal and provincial governments.

The next steps in the process include the Haida Nation's seeking support from the government of Canada for participation in the project and the finalization of a sale and purchase agreement between HaiCo 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.

SOURCE: NaiKun Wind Energy Group Inc.



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