Ming Yang Eyes Stake in Canadian Offshore Wind Project

Chinese wind turbine manufacturer Ming Yang Smart Energy has signed a memorandum of understanding (MOU) with Oceanic Wind Energy to explore a strategic investment partnership for a major offshore wind development in British Columbia’s Hecate Strait.

The project is being developed by Coast Tsimshian Enterprises (CTE) and Oceanic Wind Energy and is expected to have the capacity to produce between 1.5 GW and 2 GW of renewable electricity for British Columbia.

Hecate Strait is widely regarded as one of the strongest and most reliable offshore wind resources in the world. The area experiences wind speeds of more than 10 meters per second, annual capacity factors above 50 percent, and winter capacity factors reaching 65 percent, providing power when demand from utility provider BC Hydro is at its highest.

Under the non-binding agreement, Ming Yang will assess opportunities to contribute through equity participation, debt financing, and broader strategic support during the project’s development, construction, and long-term operational phases. The extent of any potential investment will be determined during a 90-day due diligence process.

“By working together with Ming Yang, Coast Tsimshian Enterprises, we are taking an important step toward building a globally significant offshore wind industry that creates sustainable economic opportunities while supporting British Columbia’s transition to clean energy,” said Michael O’Connor, president and CEO of Oceanic Wind Energy.

In addition, Oceanic Wind’s board has appointed Falkirk Environmental Consultants to begin the environmental approval process. The work will start with the preparation and submission of the project’s initial description as part of the regulatory review process.