Oceanic Wind Energy has extended its memorandum of understanding with Ming Yang Smart Energy Group for a further 90 days to continue discussions about potential investment in the Hecate Strait offshore wind project in British Columbia, Canada.
Under the non-binding agreement, Ming Yang is evaluating possible participation through equity or debt financing, a strategic partnership, project-level financing or a joint venture. The proposed C$120 million investment has not been committed, and any transaction remains subject to due diligence, negotiations, definitive agreements and applicable approvals.
The parties will continue to assess the project's technical, environmental and commercial parameters, as well as potential investment structures. The memorandum of understanding is non-binding, except for its confidentiality provisions, and there is no guarantee that a transaction will be completed.
The project is being considered for phased development, starting with a first phase of approximately 600 MW. The total potential generating capacity is estimated at 1.5 to 2.0 GW, subject to further engineering, environmental assessment, regulatory approvals and project development.
