VANCOUVER, BRITISH
COLUMBIA--(Marketwire - Feb. 26, 2009) - NaiKun Wind Energy Group Inc. ("NaiKun
Wind" or the "Company") (TSX VENTURE:NKW) continued in
the most recent financial quarter to make progress on its proposed
offshore wind energy in Hecate Strait, off B.C.'s northwest coast.
During the quarter which ended December 31, 2008, NaiKun Wind achieved
the following key milestones:
- Formal submission of the project proposal on November 24, 2008 into
BC Hydro's Clean Power Call to supply up to 396 megawatts of clean,
renewable electricity;
- Continued discussions with the Council of the Haida Nation, leading
to the signing of a limited partnership agreement to operate and
maintain the project after construction;
- Successful community consultation activities including four open
houses and meetings with local governments and community, business and
environmental stakeholders;
- Signing of a letter of intent with Siemens Wind Power related to the
purchase of up to 110 wind turbine generators;
- Confirmed excellent wind and seabed conditions at the project site
through continued on-site technical and engineering activities;
- Released the results of a public opinion survey indicating 73 per
cent of British Columbians support the NaiKun Wind project; and,
- Announced that NaiKun Wind was upgraded to a Tier 1 listing on the
TSX Venture Exchange.
"NaiKun Wind is confident that its project offers BC Hydro
flexibility to meet future electricity needs with a clean, renewable
and scalable energy resource," said Paul Taylor, NaiKun Wind's
president and CEO. "We are ready to successfully build British Columbia's
next power legacy, to help the province achieve its goal of electricity
self-sufficiency by 2016."
The next major step for the NaiKun Wind project is the filing of an
application for an environmental assessment certificate through the
harmonized federal-provincial process. NaiKun will also be submitting
the application to the Haida Nation for their environmental approval. Environmental
certification is expected in late 2009.
NaiKun Wind also expects to be advised mid-year on BC Hydro's selection
of successful proponents in the Clean Power Call, with the signing of
an electricity purchase agreement shortly thereafter.
During the coming months NaiKun Wind Generating Inc.
("GenCo"), a NaiKun Wind subsidiary that will construct and
own the Phase 1 project, will work to secure a third equity partner to
acquire a portion of NaiKun Wind's ownership position, consistent with
the Company's original plan and its primary role as a project
developer. Current owners of GenCo are NaiKun Wind and ENMAX Green
Power Inc., a subsidiary of ENMAX Energy Corporation.
As at December 31, 2008, NaiKun Wind had $22.68 million in cash and
cash equivalents, compared to $34.05 million at the end of December
2007. Spending increased in the quarter due largely to the preparation
of the proposal for BC Hydro's Clean Power Call, and for field work,
which has since been completed, supporting the environmental assessment
application for the project.
During the quarter, NaiKun Wind incurred a net loss of $3.70 million
($0.09 net loss per share), compared to a net loss of $2.56 million
($0.07 net loss per share) for the same quarter in the previous year.
NaiKun Wind Energy Group Inc. (TSX VENTURE:NKW)
is a B.C.-based renewable energy company traded on the TSX Venture
Exchange. The proposed NaiKun Wind project will generate enough energy
to provide electricity to 130,000 B.C. homes, help the province reach
its goal of becoming electricity self-sufficient by 2016 and play a
significant role in combatting climate change. NaiKun Wind is committed
to working in partnership with First Nations and collaboratively with
stakeholder groups and local communities in the development of its
project. Additional information is available at www.naikun.ca.
Caution Regarding Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other uncertainties
and should not place undue reliance on such forward-looking statements.
The Company does not undertake to update any forward looking statements,
oral or written, made by itself or on its behalf.
The TSX Exchange does not accept responsibility for the adequacy or
accuracy of this release.
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