Oceanic Wind Energy Inc. and Coast Tsimshian Enterprises Ltd. Secure IUP for Offshore Wind Development in Hecate Strait
'This agreement brings Oceanic and CTE a major step closer to realizing Canada's first offshore wind project,' said Mike O'Connor, President, Oceanic Wind Energy Inc.
Hecate Strait, in Northwest British Columbia, is home to one of the world's most powerful and consistent wind resources. With Class 7 wind conditions, low shear and turbidity, average annual wind speeds exceeding 10 m/s, and a winter capacity factor of over 65%, the area offers an unparalleled opportunity to generate clean, reliable energy—especially during BC's peak demand season.
Strategically located, the Oceanic Wind Project is uniquely positioned to deliver utility-scale renewable power to a region with growing energy needs and limited alternatives. The project could play a critical role in supporting the energy demands of the Port of Prince Rupert and the expanding industrial and resource sectors across Northwest BC.
'We look forward to working closely with Oceanic to develop this transformative project,' said Ryan Leighton, Director, Coast Tsimshian Enterprises Ltd. 'This first phase will help power the region's growth while creating long-term economic and environmental benefits.'
In addition to supporting regional development, the project will contribute significantly to Canada's greenhouse gas (GHG) reduction goals and reinforce British Columbia's leadership in cost-effective, green energy generation.
About Oceanic Wind Energy Inc.
Oceanic Wind Energy Inc. is a Vancouver-based renewable energy company listed on the TSX Venture Exchange-NEX (TSXV-NEX : NKW.H) The company is focused on developing large-scale offshore wind projects to support Canada's transition to a clean energy future.
About Coast Tsimshian Enterprises Ltd.
Coast Tsimshian Enterprises Ltd. (CTE) is a 100% Indigenous owned collaborative undertaking between Lax Kw'alaams and Metlakatla First Nations. The CTE mandate is to promote and develop commercial opportunities for the benefit of the shareholders. Since its founding in 2011, Coast Tsimshian Enterprises has a track record of partnering with First Class organizations to promote the development and implementation of opportunities for Lax Kw'alaams and Metlakatla First Nations.
An Investigative Use Permit (IUP) is an exclusive type of tenure that allows organizations to occupy and utilize Crown land for the purpose of conducting investigations and collecting data related to a potential project or activity.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to several risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Michael O'Connor, President & CEO
Oceanic Wind Energy Inc.
Tel: 604-631-4483
Email:
moconnor@oceanicwind.ca
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ac71e99d-50f8-4407-a85e-b1fe634b4964
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