Ming Yang Smart Energy Group Limited (“Ming Yang”)and Oceanic Wind Energy Inc. (“Oceanic Wind”) are pleased to announce the signing of a Memorandum of Understanding (“MOU”), a strategic investment partnership for the development of a major offshore wind energy project in the Hecate Strait off the northwest coast of British Columbia.
The project is being advanced by Coast Tsimshian Enterprises (CTE) and Oceanic Wind Energy Inc., CTE is a 50/50 partnership with the Metlakatla and Lax Kw’alaams First Nations. The initiative represents one of Canada’s largest Indigenous renewable energy opportunities and has the potential to generate between 1.5 GW and 2 GW of clean electricity for British Columbia. The Hecate Strait wind resource is recognized as one of the world’s strongest, most consistent with winds exceeding 10 m/s, annual Capacity Factors over 50% and winter Capacity Factors of 65%; when BC Hydro needs the power.
Under the terms of the MOU, Ming Yang intends to evaluate opportunities to provide equity investment, debt financing, and strategic partnership support for the development, construction, and long-term operation of the offshore wind project. During the 90 day due diligence period the size and scope of the investment will be determined by the parties.
