Beothuk Energy Inc. Proposes $4 Billion Offshore Nova Scotia Wind Power Project

Dec 31 2015

Beothuk proposes to manufacture and install a 1,000 megawatt (MW) wind farm in shallow waters off Nova Scotia’s southwest coast. Power would be exported to New England via a proposed 200 nautical mile subsea cable, the Can-Am Link. To develop this Nova Scotia – New England export project, Beothuk has partnered or formed working relationships with leaders in finance, construction and the offshore wind industry, including Jacob Capital Management, Siemens Offshore Wind, Talon Energy and Maderra Engineering.

The proposed site has world-class wind resources and will be located about 20y kilometers from shore in shallow waters of 30 meters or less. It will be outside of major shipping lanes and commercial fishing grounds. The Can-Am Link would make landfall close to existing transmission facilities, near Boston giving access to the New England transmission corridors. This offshore wind power will contribute to the region’s security of supply and benefit both the American and Canadian governments’ climate change strategies. Benefits to Nova Scotia include the manufacturing of various components for the offshore wind farm that consist of gravity based structure construction and establishment of a service/supply port.

According to Kirby Mercer, President and CEO of Beothuk, “We are creating a new energy sector in the Atlantic provinces that will have an immense beneficial socioeconomic effect with thousands of new, highly skilled jobs. This project will also support the Trudeau Government’s Climate Change Program, the UN Paris Accord, and the Nova Scotia government’s Marine Renewable Energy Strategy.”
Offshore wind energy has emerged as one of the most attractive solutions to the world’s energy challenges and climate change problems. It is green energy with no major environmental impacts. Studies show that winds blow harder and more consistently at sea. Offshore wind farms are out of sight, thus eliminating objections of noise and visual pollution. Offshore wind is a proven technology, having operated in Europe for 25 years. It is an emerging energy sector in North America.

The U.S. Department of Energy estimates that over the next 30 years, offshore wind has the potential to create revenues of US$100 billion. By 2030, offshore wind is projected to supply 22,000 MW of clean and abundant energy to America, enough to power 4.5 million homes. “As both Canada and the United States seek to meet their climate change goals, clean, renewable off-shore wind is going to play a major role in helping decrease reliance on fossil fuels,” says Sasha Jacob, CEO of Jacob Capital Management. “Off-shore wind in North America is the next big area for investors in cleantech and one in which we are proud to bring our global experience to harness the potential right here in Canada. Beothuk’s potential is tremendously exciting.”

Beothuk is in discussions with various Canadian and American utilities and independent power producers regarding power purchase agreements and partnerships for this project. Early in 2016, Beothuk plans to hold consultations with Nova Scotia stakeholders, including First Nations and environmental groups, and municipalities in proximity to the project.

Headquartered in St. John’s, NL, Beothuk has a strategic focus on offshore wind power. Beothuk previously announced a 180 MW offshore wind farm in St. George’s Bay, Newfoundland and Labrador, Canada. The two projects are part of the Newfoundland company’s long-term plan to construct five offshore wind farms in Atlantic Canada, the CEO said.