Ming Yang signs 2GW Canadian offshore pact

Ming Yang Smart Energy Group Limited and Oceanic Wind Energy Inc. have signed a memorandum of understanding for a strategic investment partnership on an offshore wind project in the Hecate Strait off northwest British Columbia.

The project is being advanced by Coast Tsimshian Enterprises and Oceanic Wind Energy Inc., and has the potential to generate between 1.5GW and 2GW of electricity, the companies said.

Under the MOU, Ming Yang intends to evaluate equity investment, debt financing and strategic support during a 90-day due diligence period, Oceanic Wind added.

The project is described as one of Canada’s largest Indigenous renewable energy opportunities and is being developed with Coast Tsimshian Enterprises, a 50/50 partnership with the Metlakatla and Lax Kw’alaams First Nations.

The Hecate Strait wind resource features winds exceeding 10 m/s, annual capacity factors over 50% and winter capacity factors of 65%.

“This agreement reflects the growing international confidence in Indigenous partnerships in clean energy development in Canada,” said Michael O’Connor, president and CEO of Oceanic Wind Energy Inc.

“By working together with Ming Yang, Coast Tsimshian Enterprises, we are taking an important step toward building a globally significant offshore wind industry that creates sustainable economic opportunities while supporting British Columbia’s transition to clean energy.”

The parties stated that the MOU is non-binding.

Oceanic Wind also announced it has retained Falkirk Environmental Consultants to begin environmental approvals work, including preparation and submission of the Initial Project Description.

More information:https://renews.biz/111853/ming-yang-oceanic-wind-sign-mou/