Oceanic Wind Energy Inc. announced that under the terms of the agreements with Northland Power, which closed on September 1, 2020, Oceanic has successfully negotiated the return of the development rights of the Hecate Strait project. Oceanic signed agreements with two of Northland Power Inc. wholly owned subsidiaries that place Oceanic in the lead role in project development. For British Columbia to reach the climate ambitions and significantly lower the share of fossil fuels in the energy supply, the green transition needs to be accelerated.

This will only happen through an acceleration of renewable energy and primarily by speeding up the development and construction of wind farms. As BC faces the challenges of climate change and dependency of fossil fuels, transitioning to renewable energy sources like offshore wind will play a pivotal role towards a more sustainable and environmentally sound energy future. This is a very timely and positive announcement for Oceanic. It is clear the province will be looking for utility scale renewable energy projects that have peak production during the winter high demand period and have the potential for significant first nations partnerships.

Partnerships with First Nations are essential in the development of offshore wind projects. There are few wind resources of the scale and consistent reliable strength of the Hecate Strait wind resource, a resource that could help fill the large growing electricity supply deficit in the province and help meet the CleanBC objectives of the province.