The development of offshore wind energy Newfoundland and Labrador is taking additional steps forward. Beothuk Energy has created a partnership with Copenhagen Infrastructure Partners (CIP) to develop, own and operate wind farms in Atlantic Canada.

CIP has inked an agreement with Beothuk to jointly develop, own and operate offshore wind farms supplying power to Atlantic Canada starting with the 180 MW St. George's Bay wind farm in Newfoundland. Beothuk has secured approvals and advanced the development of the project since 2011. The two firms will jointly fund the final development of the Project to secure a power purchase agreement with the provincial electricity grid operator. CIP will subsequently invest all of the capital required to construct the project.

"CIP brings tremendous capabilities and experience to the table as well as capital to help us quickly become one of Canada's leading wind power developers and the first with an offshore project,” said Kirby Mercer, CEO at Beothuk.

"We see significant potential for offshore wind in Atlantic Canada due to strong winds, shallow water and an existing industry with experience in working in an offshore environment since many years,” added hristina Grumstrup Sørensen, a senior partner in CIP.

Beothuk is pursuing projects in Newfoundland, Nova Scotia, New Brunswick and Prince Edward Island. Combined, the total development opportunity is more than 1,000 MW.

The 180MW St Georges Bay project will supply clean energy to more than 150,000 households, create more than 500 jobs during the construction phase, and foster a new industry in Atlantic Canada to construct and service the Beothuk projects as well as other projects in the region.

Jacob Capital Management Inc. acted as the financial advisor to Beothuk Energy and is the exclusive financial advisor to Beothuk and the Beothuk projects. Norton Rose Fulbright is acting as Beothuk's legal counsel.