Ming Yang Smart Energy and Oceanic Wind Energy have signed a non-binding memorandum of understanding (MoU) covering a potential strategic investment partnership for the development of an offshore wind project in the Hecate Strait off the north-west coast of British Columbia, Canada.
The project is being advanced by Coast Tsimshian Enterprises (CTE) and Oceanic Wind Energy. CTE is a 50:50 partnership between the Metlakatla and Lax Kw’alaams First Nations.
The proposed offshore wind project has the potential to generate between 1.5 GW and 2 GW of electricity for British Columbia.
Under the terms of the MoU, Ming Yang will assess opportunities to provide equity investment, debt financing and strategic support for the project's development, construction and long-term operation. The size and scope of any investment will be determined during a 90-day due diligence period.
