NaiKun Wind Energy Group Inc.'s board of directors has initiated a process to retain an advisory firm to assist the company in undertaking a review of the strategic alternatives available to ensure maximum shareholder value.
Since the recent announcement by BC Hydro that NaiKun Wind's 396 MW offshore wind energy project was no longer under consideration in the clean power call, the board has been evaluating the potential for the project and the offshore wind industry in the context of renewable energy development in British Columbia.
While the timing and specifics of BC Hydro's near-term procurement plans are uncertain in advance of the release of the integrated resource plan that is required under the new Clean Energy Act, the company believes that its project, located in the Haida Energy Field, can play an important role in British Columbia's future energy solutions.
The strategic review will encompass an assessment of alternatives, including continuing to advance the offshore wind energy project as the company's primary project, potential business combination or joint-venture opportunities in the renewable energy sector and the sale of the company's interests.
While the strategic review is under way, NaiKun Wind will continue to work on the development of the wind project by completing the federal environmental assessment process, which the company expects to accomplish during the summer.
SOURCE: NaiKun Wind Energy Group Inc.