March 18 (Reuters) - Canada's NaiKun Wind Energy Group said its proposed offshore wind power project got environmental approval after more than two years, sending its shares up as much as 90 percent.
British Columbia authorities said the project, which will be the country's first, had passed the requirements of the Canadian Environmental Assessment Act.
The plan for a 396 megawatt project, in the Hecate Strait off British Columbia's northwest coast, was submitted in late 2008 but was passed over in April last year.
Canada's renewable power sector was hit hard by the economic slowdown, leaving many developers without financing, and with little help from the federal government. But since last year, British Columbia and several other provinces have committed to buying renewable power from developers.
NaiKun's wind project has agreements with key suppliers and is poised to start construction within two years of receiving an energy purchase agreement, it said in a statement.
NaiKun's shares, which plummeted about 80 percent in the past year, were trading up 90 percent at 20 Canadian cents in morning trade Friday, making it the top gainer on the Toronto Venture Exchange.
(Reporting by Vaishnavi Bala in Bangalore; Editing by Don Sebastian) Keywords: NAIKUNWINDENERGY/ (vaishnavi.bala@thomsonreuters.com)(within U.S. +1 646 223 8780)(outside U.S. +91 80 4135 5800)(Reuters Messaging:vaishnavi.bala.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
British Columbia authorities said the project, which will be the country's first, had passed the requirements of the Canadian Environmental Assessment Act.
The plan for a 396 megawatt project, in the Hecate Strait off British Columbia's northwest coast, was submitted in late 2008 but was passed over in April last year.
Canada's renewable power sector was hit hard by the economic slowdown, leaving many developers without financing, and with little help from the federal government. But since last year, British Columbia and several other provinces have committed to buying renewable power from developers.
NaiKun's wind project has agreements with key suppliers and is poised to start construction within two years of receiving an energy purchase agreement, it said in a statement.
NaiKun's shares, which plummeted about 80 percent in the past year, were trading up 90 percent at 20 Canadian cents in morning trade Friday, making it the top gainer on the Toronto Venture Exchange.
(Reporting by Vaishnavi Bala in Bangalore; Editing by Don Sebastian) Keywords: NAIKUNWINDENERGY/ (vaishnavi.bala@thomsonreuters.com)(within U.S. +1 646 223 8780)(outside U.S. +91 80 4135 5800)(Reuters Messaging:vaishnavi.bala.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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