Beothuk Energy Inc. Announces Offshore Wind Power Project Offshore Nova Scotia

January 4, 2016

Beothuk Energy Inc. ("Beothuk"), an Atlantic Canada based company is pleased to announce its plans for a major offshore wind farm off the coast of Nova Scotia. The project is estimated to cost CAD 4 billion.

Beothuk is proposing to manufacture and install a one thousand megawatts ("MW") wind farm in shallow waters off the southwest coast. Power will be exported to New England via a proposed 200 nautical mile subsea cable, the Can-Am Link. This link will ensure traceability of the clean, green wind energy to the New England market. To develop this Nova Scotia - New England export project, Beothuk has partnered or has formed working relationships with leaders in finance, construction and the offshore wind industry which include Jacob Capital Management, Siemens Offshore Wind, Talon Energy and Maderra Engineering.

Beothuk will coordinate technology, economics, and environmental disciplines that will help contribute to a healthier green environment, while maximizing benefits for Nova Scotia and Atlantic Canada generally. The proposed site has world-class wind resources and will be located about twenty kilometers from shore in shallow waters of thirty meters or less. It will be outside of major shipping lanes and commercial fishing grounds. The Can-Am Link will 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.

Kirby Mercer, President and CEO of Beothuk stated, "Our announced projects are the first part of a greater Atlantic Canada regional plan that we have formulated for offshore wind power in the area. 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 twenty-five years. It is an emerging energy sector in North America. The United States Department of Energy estimates that over the next thirty years, offshore wind has the potential to create revenues of US$ 100 billion. The White House in Washington D.C. hosted an offshore wind summit, September 2015, and the gathering of leading federal, state, and industry stakeholders committed to the long-term and sustainable development of offshore wind in the United States. 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," said 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.

Beothuk is an Atlantic Canada based, international green energy company, headquartered in St. John's, NL, with 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. It was recently named by the Globe and Mail Report on Business as one of fifteen smart ideas to create a flourishing Canadian economy.

For more information:

Beothuk Energy Inc.

Wayne Guzzwell
Vice President Communications
Tel: 1-888-465-9241 Ext: 3
E-mail: info@beothukenergy.com

Link http://www.electricenergyonline.com/detail_news.php?ID=558539
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