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Message: Issues Project Update and First Quarter Financial Results
| February 26, 2009 |
| NaiKun Wind Issues Project Update and First Quarter Financial Results |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2009) - NaiKun Wind Energy Group Inc. ("NaiKun Wind" or the "Company") (TSX VENTURE:NKW) continued in the most recent financial quarter to make progress on its proposed offshore wind energy in Hecate Strait, off B.C.'s northwest coast. During the quarter which ended December 31, 2008, NaiKun Wind achieved the following key milestones: - Formal submission of the project proposal on November 24, 2008 into BC Hydro's Clean Power Call to supply up to 396 megawatts of clean, renewable electricity; - Continued discussions with the Council of the Haida Nation, leading to the signing of a limited partnership agreement to operate and maintain the project after construction; - Successful community consultation activities including four open houses and meetings with local governments and community, business and environmental stakeholders; - Signing of a letter of intent with Siemens Wind Power related to the purchase of up to 110 wind turbine generators; - Confirmed excellent wind and seabed conditions at the project site through continued on-site technical and engineering activities; - Released the results of a public opinion survey indicating 73 per cent of British Columbians support the NaiKun Wind project; and, - Announced that NaiKun Wind was upgraded to a Tier 1 listing on the TSX Venture Exchange. "NaiKun Wind is confident that its project offers BC Hydro flexibility to meet future electricity needs with a clean, renewable and scalable energy resource," said Paul Taylor, NaiKun Wind's president and CEO. "We are ready to successfully build British Columbia's next power legacy, to help the province achieve its goal of electricity self-sufficiency by 2016." The next major step for the NaiKun Wind project is the filing of an application for an environmental assessment certificate through the harmonized federal-provincial process. NaiKun will also be submitting the application to the Haida Nation for their environmental approval. Environmental certification is expected in late 2009. NaiKun Wind also expects to be advised mid-year on BC Hydro's selection of successful proponents in the Clean Power Call, with the signing of an electricity purchase agreement shortly thereafter. During the coming months NaiKun Wind Generating Inc. ("GenCo"), a NaiKun Wind subsidiary that will construct and own the Phase 1 project, will work to secure a third equity partner to acquire a portion of NaiKun Wind's ownership position, consistent with the Company's original plan and its primary role as a project developer. Current owners of GenCo are NaiKun Wind and ENMAX Green Power Inc., a subsidiary of ENMAX Energy Corporation. As at December 31, 2008, NaiKun Wind had $22.68 million in cash and cash equivalents, compared to $34.05 million at the end of December 2007. Spending increased in the quarter due largely to the preparation of the proposal for BC Hydro's Clean Power Call, and for field work, which has since been completed, supporting the environmental assessment application for the project. During the quarter, NaiKun Wind incurred a net loss of $3.70 million ($0.09 net loss per share), compared to a net loss of $2.56 million ($0.07 net loss per share) for the same quarter in the previous year. NaiKun Wind Energy Group Inc. (TSX VENTURE:NKW) is a B.C.-based renewable energy company traded on the TSX Venture Exchange. The proposed NaiKun Wind project will generate enough energy to provide electricity to 130,000 B.C. homes, help the province reach its goal of becoming electricity self-sufficient by 2016 and play a significant role in combatting climate change. NaiKun Wind is committed to working in partnership with First Nations and collaboratively with stakeholder groups and local communities in the development of its project. Additional information is available at www.naikun.ca. |
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