NaiKun Wind Energy Group Inc., a British Columbia-based renewable energy company, has entered into an agreement to sell the NaiKun Offshore Wind Farm, located in the Hecate Strait off the coast of British Columbia, to Northland Power Inc., a global developer, owner and operator of sustainable infrastructure assets.
Upon successful completion of the transaction, Northland will be responsible for all aspects of the project’s development. The transaction will occur by way of the company 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 certain customary conditions, including but not limited to the company obtaining the applicable regulatory approvals and approval of the transaction by way of a special resolution of the company’s shareholders.
The transaction has been approved unanimously by the company’s board of directors. The board recommends that the shareholders vote in favor of approving the transaction at a special meeting of shareholders, to be scheduled as soon as possible.