Ørsted and Naikun not to proceed with JDA

For Immediate Release

October 15, 2018

Vancouver. B.C. – Ørsted and Naikun Wind Energy Group Inc. (TSX-Venture: NKW) (“NaiKun”) have decided not to pursue further a joint development agreement for the Haida Energy Field Offshore Wind Project in British Columbia and to end partnership discussions.

Michael O’Connor, CEO of NaiKun, “We would like to thank Ørsted for assisting us in continuing to develop the project over the last 12 months and wish them well with their future endeavors. NaiKun is in current discussion with interested alternate partners who are familiar with the wind resource and the development that NaiKun has progressed over the past many years, including the accomplishments of the last year. With the industrial development on the North Coast of British Columbia, and the growing demand and support for Renewable Energy, there are compelling reasons for the project to proceed to the development stage.

“Since the formation of the partnership in September of 2017, progress has been made in the development of the project, but it is still in the development phase in a less mature market compared to others like the U.S. east coast” said Thomas Brostrom, President of Ørsted North America.

“Ørsted believes that the business is for the time being best served by focusing our efforts on our rapidly expanding U.S. portfolio. We are thankful to NaiKun for the opportunity, and we look forward to future possibilities in Canada and will continue to follow the market closely.”

About Ørsted

The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore wind farms, bioenergy plants and innovative waste-to-energy solutions and provides smart energy products to its customers. In 2017, the group’s revenue was DKK 59.5 billion (EUR 8.0 billion). For more information on Ørsted, visit https://orsted.com/ or follow us on Facebook, Linkedin, Instagram and Twitter.

About NaiKun

NaiKun is a British Columbia-based renewable energy company. Located on B.C.’s northwest coast, where the wind resource is one of the strongest and most consistent in the world, NaiKun’s 396MW offshore wind project would generate enough energy to provide electricity to 130,000 B.C. homes. If the project does proceed it is expected to result in an estimated 500 jobs during construction, 50 permanent jobs for maintenance and operations and over $400 million in direct expenditures in the province during construction, of which $250 million will benefit North Coast communities.