NaiKun cash position good until 2014

  • Dec. 17, 2010 8:00 p.m.

NaiKun Wind has sufficient cash resources to see it through until 2014 and beyond. The company just announced financial results for its year-end (Sept. 30), in a year which saw the company undertake substantial restructuring efforts. The company ended the year with $7.78 million in cash and cash equivalents compared to $14.29 million at the end of September 2009. According to a recent news release, NaiKun Wind’s estimated cash requirement for operations for 2011 is $1.5 million. NaiKun Wind initiated a strategic review in June after its unsuccessful bid for a contract in BC Hydro’s most recent Clean Power Call. The company hoped to build a 396 MW offshore wind project in Hecate Strait that would provide electricity for 130,000 homes. The company cut monthly spending 70 percent by the end of September with personnel changes, remuneration adjustments, office downsizing and other means. NaiKun still believes BC Hydro will be seeking more green electricity to meet provincial self-sufficiency targets and to meet legislated Greenhouse Gas obligations.

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