Funding Proposed for Canadian 1750 MW Wind Farm in 2009

NaiKun Wind Development Ltd., a subsidiary of Uniterre Resources, has engaged a firm to raise $5 million through NaiKun shares. NaiKun is the developer of the five-phase, 1,750 megawatt (MW) the NaiKun Wind Farm, proposed for the waters of Hecate Strait between Haida Gwaii (the Queen Charlotte Islands) and the British Columbia mainland near Prince Rupert.

The announcement was made by Michael H. Altman, President of Uniterre Resources Ltd., which has focused its efforts in renewable energy, most recently the majority of its efforts on wind power since 2000. “To date, Uniterre has funded all of NaiKun’s activities,” said Altman. “This offering would provide additional financial capacity to complete NaiKun’s environmental and technical studies and preparation of its power purchase agreement proposal to BC Hydro.” Construction of the first phase of the project, which is anticipated to be 320 MW, is expected to commence in 2009 subject to, among other things, concurrence of the Haida Power Authority. When fully operational, it will power 600,000 homes. NaiKun Wind Development Inc. has researched wind energy development opportunities off the coast of British Columbia since 2001.
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