Federal Environmental Approval for NaiKun Wind Positions Northern B.C. to Become Canada's First Offshore Wind Producing Region
March 17 2011 - 5:16PM
Marketwired
NaiKun Wind Energy Group (TSX VENTURE: NKW) ("the Company")
announced today that its offshore wind energy project has been
granted a federal screening decision, confirming that Canada's
first offshore wind project can be constructed with no significant
environmental, social or health effects.
"This is an exciting and noteworthy milestone for NaiKun Wind
and for British Columbia," said NaiKun Wind's CEO Michael O'Connor.
"The NaiKun Wind project offers a superior renewable, green energy
resource, with ideal wind conditions - better than 10 metres per
second average annual wind speed. With environmental approvals in
place we are confident that NaiKun Wind is well positioned to
become Canada's first offshore Wind Energy Project and the
beginning of the development of the remarkable north coast wind
energy field."
The decision states that the NaiKun Wind Project met the
requirements of the Canadian Environmental Assessment Act (CEAA)
and successfully concludes the harmonized environmental assessment
review process. Responsible federal agencies are now authorized to
issue the required construction and operating permits, including a
Navigable Water Protection Act Approval and Fisheries Act
Authorization.
"The successful conclusion of the federal environmental review
process, together with the many other milestones we have reached,
validates the extensive work undertaken by the Company," said Mr.
O'Connor. "We look forward to continuing to work with our First
Nations and community partners, along with provincial and federal
agencies, in developing the project to ensure that it is built to
the highest environmental standards."
As part of the environmental review process, NaiKun Wind made
numerous commitments carefully designed to maximize project
benefits and ensure a rigorous environmental management
program.
Clean energy produced by the NaiKun Wind project will displace
approximately 450,000 tonnes of greenhouse gas emissions annually,
with the HaidaLink proposal replacing the 26,000 tonnes of diesel
fuel currently burned each year to provide power on Haida Gwaii.
The project is expected to result in at least 500 direct jobs
during construction and 50 permanent jobs for maintenance and
operations and over $400 million in direct expenditures in the
province during construction, of which at least $250 million will
benefit North Coast communities.
The NaiKun Wind project is at an advanced stage of development,
with agreements in place with key suppliers and First Nations and
is now in a position to begin construction within two years of
receiving an energy purchase agreement.
NaiKun Wind Energy Group Inc. is a British Columbia-based
renewable energy company with offices in Vancouver, Masset and
Skidegate. Located on B.C.'s northwest coast, where the wind
resource is one of the strongest and most consistent in the world,
NaiKun Wind's 396MW offshore wind project would generate enough
energy to provide electricity to 130,000 B.C. homes. For more
information on NaiKun Wind, please visit www.naikun.ca.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: NaiKun Wind Energy Group Inc. Michael O'Connor
President and CEO 604-639-8460 Media and Investor Enquiries: NaiKun
Wind Energy Group Inc. 604-631-4494 www.naikun.ca
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