Oceanic Wind Energy and Ming Yang Smart Energy have signed a memorandum of understanding (MoU) to review a possible strategic investment partnership for a large offshore wind project in the Hecate Strait, off the northwest coast of British Columbia, Canada.
The project is being developed by Oceanic Wind Energy and Coast Tsimshian Enterprises, a 50/50 partnership between the Metlakatla and Lax Kw’alaams First Nations. Oceanic Wind Energy said the offshore wind farm could provide 1.5 GW to 2 GW of installed capacity, making it one of Canada’s largest Indigenous-led renewable energy opportunities.
Under the non-binding MoU, Ming Yang Smart Energy will assess potential participation through equity investment, debt financing, and wider strategic support for development, construction, and long-term operation.
The parties will review the possible size and structure of the investment during a 90-day due diligence period.
Oceanic Wind Energy also appointed Falkirk Environmental Consultants to begin the environmental approvals process. The work will start with preparation and submission of the Initial Project Description (IPD).
The proposed site is near Stephens Island, about 30 km west of Prince Rupert.
The project follows progress made last year, when the partners received an Investigative Use Permit (IUP) for the first phase of the offshore wind development. That phase could have a capacity of 600 MW to 700 MW.
