Ming Yang Smart Energy Group Limited and Oceanic Wind Energy Inc. announced the signing of a Memorandum of Understanding, 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 and Oceanic Wind Energy Inc., Coast Tsimshian Enterprises 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%. Under the terms of the Memorandum of Understanding, 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.
Ming Yang Smart Energy Group, a global leader in renewable energy technology and offshore wind systems, have expressed strong interest in supporting the project?s long-term success through capital investment, technical, building and operating expertise. The parties emphasized that the Memorandum of Understanding is non-binding.
