NaiKun And ENMAX Form Agreement For Offshore Wind Farm

NAW Staff, Friday 23 March 2007 - 10:23:59

NaiKun Wind Energy Group Inc., a Vancouver, British Columbia-based renewable energy project developer, has entered into an investment agreement with ENMAX Corp., a Calgary-headquartered energy distribution and supply firm, to develop phase one of NaiKun's offshore wind farm in the Hecate Strait.

Under the terms of the agreement, ENMAX will invest C$2 million in NaiKun for joint development of the 320 MW phase of the project, in exchange for certain assets and obligations. The obligations include ENMAX acquiring common shares of NaiKun and its affiliate, NaiKun Generation Co. Inc., and the addition of a senior ENMAX representative to NaiKun's board of directors.

"ENMAX believes that NaiKun has done an excellent job in developing the project to this point," says Gary Holden, ENMAX's president and chief executive officer. "We believe that the attributes of both NaiKun and ENMAX are complementary and will ultimately deliver a successful project."



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