NaiKun Wind Energy Group says it is continuing "to explore ways to forward" its 396MW offshore wind farm planned off the coast of British Columbia (B.C.), Canada.
The Vancouver-based company announced its quarterly results on 24 May. For the three months to 31 March 2013, it incurred a net loss of $0.4 million. It had $4.5m in cash and cash equivalents and, for fiscal 2013, expects cash operating expenditures of approximately $1.5m.
On this basis, the company "has sufficient financial resources to sustain operations into 2015 and beyond". It says that its current direction "represents the best available opportunities to support the advancement of the project and maximise shareholder value".
The north-west coast of B.C. offers a strong and consistent wind resource and the planned 396MW project would generate electricity for 200,000 B.C. homes. It is at an advanced stage of development with environmental approvals obtained from the provincial and federal Governments. Agreements are also in place with key suppliers, with Siemens identified as the preferred supplier of 4MW turbines.
Construction could begin within two years, if an electricity purchase agreement is secured. If it does proceed, the project would deliver around 500 jobs during construction and 50 permanent operations and maintenance roles. Over $400m of direct expenditure in the province would take place during the construction phase.