NaiKun Wind Energy Group Inc. has closed a financing for C$4 million through the sale of the company's flow-through shares and units. The funds will be used to finance the development of its NaiKun Wind Development Inc. subsidiary, which is leading the engineering, environment and bid planning for the five-phase, 1,750 MW project proposed for the waters of Hecate Strait near Haida Gwaii.
In June of 2006, Uniterre announced NaiKun Wind Development was raising money by selling its shares, with the assistance of Northern Securities Inc. – a Toronto-based investment bank – for further development of the Hecate Strait project. (See ‘Uniterre Announces Proposed Financing.’)
According to Ray Castelli, NaiKun Wind Development's president, ‘Development work has been accelerated as a result of the recent announcements and supportive policies of the B.C. and federal governments.’ He adds that construction of phase one, which would consist of 320 MW, is anticipated to commence on schedule in 2009.