A Vancouver renewable energy company planning to build Canada's largest and first offshore wind farm has formalized what it says is an historic partnership with a local aboriginal group.
NaiKun Wind Energy Group Inc. (TSX-V:NKW) has inked a deal with the Council of the Haida Nation that would enable the new partnership to operate and maintain the project after it is built.
The wind farm site is in Haida territory in Hecate Strait, between the Queen Charlotte Islands and the mainland.
The comprehensive limited partnership agreement provides for maximum benefits to the Haida, including revenue sharing and employment and economic development opportunities.
"This agreement is the result of many years of working together, and it reflects the commitment from both partners to move this project forward," said Michael Burns, who chairs NaiKun's board of directors.
The Haida Nation and NaiKun Wind Operating Inc., a subsidiary of NaiKun, will participate equally in the partnership both in terms of ownership and economic value.
The $2 billion project, however, still requires environmental approvals as well as an electricity purchase agreement from BC Hydro.
NaiKun's shares on the TSX Venture Exchange have traded at around $0.50 over the past week. It's 52-week high and low: $3.39 and $0.23, respectively.