Nearly a year after the wind was knocked out of NaiKun’s (TSX-V:NKW) sails, the company is continuing to move forward on what could be Canada’s first offshore wind farm.
On Thursday, the Vancouver-based renewable energy venture said it had received federal environmental approval for its flagship project.
If it proceeds, the 396-megawatt project would be in B.C.’s Hecate Strait near Haida Gwaii and would generate enough electricity to power 130,000 homes.
But the project took a nosedive last year when it failed to obtain an electricity purchase agreement with BC Hydro – the key component that would allow the company to sell power into the grid.
That decision caused the company’s share value to plummet 60% on April 1, 2010.
But NaiKun’s rocketed 176% Friday to $0.29 following news that it had met the requirements of the Canadian Environmental Assessment Act.
“This is an exciting and noteworthy milestone for NaiKun Wind and for British Columbia,” said NaiKun CEO Michael O’Connor.
“The NaiKun Wind project offers a superior renewable, green energy resource with ideal wind conditions … with environmental approvals in place we are confident that NaiKun Wind is well positioned to become Canada’s first offshore wind energy project.”
NaiKun said agreements are already in place with key suppliers and First Nations, and the company is positioned to begin construction within two years of receiving an energy purchase agreement.