NaiKun Wind Energy Group Inc. says that its Board of Directors has initiated a process to retain an advisory firm to assist the Company in undertaking a review of the strategic alternatives available to ensure maximum shareholder value.

Since the recent announcement by BC Hydro that NaiKun Wind’s 396 MW offshore wind energy project was no longer under consideration in the Clean Power Call, the Board has been evaluating the potential for the project and the offshore wind industry in the context of renewable energy development in British Columbia. While the timing and specifics of BC Hydro’s near term procurement plans are uncertain in advance of the release of the Integrated Resource Plan that is required under the new Clean Energy Act, the Company believes that its project located in the Haida Energy Field off the east coast of Haida Gwaii can play an important role in BC’s future energy solutions.

The strategic review will encompass a careful assessment of alternatives including continuing to advance the offshore wind energy project as the Company’s primary project, potential business combination or joint venture opportunities in the renewable energy sector, the sale of the Company’s interests, among others. It is anticipated that the review will be completed in a timely manner. NaiKun Wind advises that no decisions have been made, no formal proposals received and no agreements reached regarding its assets, the Company or any subsidiaries. The Company cautions that there can be no assurance that the review of strategic alternatives will ultimately result in a transaction.

“We continue to believe that there are significant opportunities presented by the NaiKun Wind Project,” said Philip Hughes, Board Chair, “and with this in mind, the Board would like to fully explore all options available to optimize shareholder value.”

Tags: NaiKun Wind Energy Group Inc.