The Offshore Wind Project

Off the coast of Haida Gwaii in Hecate Strait, the proposed Offshore Wind project will harness some of the world’s strongest and most consistent winds to provide clean renewable energy to generations of British Columbians.

Oceanic Wind has sold the development rights to the Offshore Wind Project in Hecate Strait to Northland Power Inc.

Northland Power Inc., a global energy developer, owner and operator of sustainable infrastructure assets with expertise and capacity to advance early stage renewable energy projects to the next level of development has acquired the rights to develop, build and operate the offshore wind project. Northland will be responsible for all future aspects of the Project’s development. The transaction occurred by way of the Oceanic Wind selling Northland a 100% interest in its wholly owned subsidiary, NaiKun Wind Development Inc.

Pursuant to the Agreement, Oceanic Wind will receive the following:

upon the Project reaching its financial close, a payment based on the size of the developed project, which is expected to equal most of the historical development costs on the Project (up to $33.75m) and
upon the Project becoming operational, future annual payments for the life of the Project consisting of a cash distribution from the Project after the operating costs and specified return on equity and
subject to financial close of the Project, an option to purchase up to a 10% interest in Northland’s interest in the Project.

The transaction was approved by the shareholders at a special shareholders meeting in May
of 2020 and formally closed on Sept 1, 2020.

The Company will make appropriate determinations as to the value and use of the 3
potential revenue streams as Northland Power Inc progresses the Project, always
considering the best interests of the shareholders of Oceanic Wind Inc.

Read the Share Purchase Agreement and the Material Change report.

Legal Disclaimer

Oceanic Wind Energy Inc. (“Oceanic”) have taken reasonable care in preparing and publishing on a regular basis information on this website. The information is not a substitute for detailed investigation or analysis on any particular issue and may not always be current. The materials on Oceanic’s Internet site are provided “as is.” Oceanic does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its Internet site or otherwise relating to such materials or on any sites linked to these sites.

This website may contain forward-looking statements about Oceanic and its future plans within the meaning of applicable securities laws. Forward-looking information may relate to the Corporation’s future outlook and anticipated events or results. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. These statements are based on certain factors and assumptions regarding expected growth, results of operations, performance and business prospects and opportunities. While the Corporation considers these assumptions to be reasonable as of the current date based on information currently available to it, they may prove to be incorrect. Forward looking-information is also subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially from what the Corporation currently expects and there can be no assurance that such statements will prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur. Readers should not rely upon forward-looking information as of any other date. The Corporation is not under any obligation and does not undertake to update this information at any particular time and assumes no obligation to update or revise forward-looking statements should circumstances or management’s estimates or opinions change.