Oceanic Wind Energy has entered into a memorandum of understanding with Ming Yang Smart Energy Group Limited to explore the establishment of a strategic investment partnership for the joint development of an offshore wind project in the Hecate Strait, located off the northwest coast of British Columbia.
The project is being advanced by Coastal Tsimshian Enterprises (CTE) in collaboration with Oceanic Wind. CTE is a joint venture equally owned by the Metlakatla First Nation and the Lax Kw'alaams First Nation.
According to the companies, the project has the potential to generate between 1.5 and 2 gigawatts of power. They noted that the wind resources in the Hecate Strait are characterized by wind speeds exceeding 10 meters per second, with an annual capacity factor above 50% and a winter capacity factor reaching 65%.
Under the terms of the memorandum, Ming Yang Smart Energy plans to assess opportunities to provide equity investment, debt financing, and strategic partnership support for the project's development, construction, and long-term operation. The specific amount and scope of any investment will be determined during a 90-day due diligence period, the companies stated.
Michael O'Connor, President and CEO of Oceanic Wind Energy, commented, "This agreement reflects growing international confidence in collaborative clean energy development involving Canada's Indigenous communities. By partnering with Ming Yang Smart Energy and Coastal Tsimshian Enterprises, we are taking a significant step toward building an offshore wind industry of global importance, one that will create sustainable economic opportunities while supporting British Columbia's transition to clean energy."
The companies indicated that Ming Yang Smart Energy, as a supplier of renewable energy technology and offshore wind systems, has expressed interest in supporting the project, potentially through capital investment as well as technical, construction, and operational expertise.
Both parties noted that the memorandum of understanding is non-binding.
In addition, Oceanic Wind announced it has engaged Falkirk Environmental Consultants to commence environmental approval work for the project, including the preparation and submission of the initial project description required for regulatory review.
Oceanic Wind is a Canadian renewable energy developer focused on offshore wind opportunities in British Columbia, while Ming Yang Smart Energy is dedicated to the development and manufacturing of offshore and onshore wind turbines, energy storage systems, and other energy technologies.
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