Northland Power has entered into an agreement to acquire an offshore wind development project owned by NaiKun Wind Energy Group
The project is in the Hecate Strait off the coast of British Columbia.
On completion of the transaction, Northland will be responsible for all aspects of developing the project.
The transaction will occur by way of NaiKun selling Northland a 100% interest in its wholly owned subsidiary, NaiKun Wind Development Inc.
The transaction is anticipated to close in mid-2020, subject to the satisfaction of conditions, including but not limited to the company obtaining regulatory approvals and approval of the transaction by way of a special resolution of the company’s shareholders.
NaiKun Wind first announced it had signed an indicative offer with an offshore wind development company to develop the wind resource in Hecate Strait in August 2019.