Talon Energy is investing in Beothuk Energy in support of a newly-announced strategic partnership aimed at promoting, developing and completing offshore wind energy projects.
According to a news release issued this morning by Beothuk Energy, based in St. John’s, Talon has also acquired an interest in Beothuk. No specific figures were issued on the arrangement.
“Talon is another key partner as we move towards developing Canada’s first offshore wind farm in western NL,” said Kirby Mercer, Beothuk Energy president and CEO, in the statement.
“Talon has a proven record of first class construction on large-scale industrial projects, while providing maximum local benefits.”
Beothuk continues to work towards realizing its plans to build a 180-megawatt wind farm in St. George’s Bay, N.L., with a manufacturing facility in the Port of Corner Brook and service and staging facility in Stephenville.
With Talon Energy’s industrial fabrication facility in Port aux Basques, tapping that company would allow for maximum benefits for the area as Beothuk’s plans progress, the statement suggested.
With offices in St. John’s and Edmonton, Alberta, Talon has been building a reputation for itself through heavy industrial projects in Newfoundland and Labrador in recent years.
In Port aux Basques, it has produced subsea structures for Technip and — as unveiled just this past week — a 360-tonne flare boom for Worley Parsons and the Hebron project.
Talon Energy does not have experience in wind energy projects, but president Terry King said he considers offshore wind as “the next emerging energy sector” for the continent and wants to capitalize on the coming opportunities.
On Beothuk specifically, he spoke of progress already made on its existing project plans, including finding the right professional teams to assist in permitting and financing. As King noted, it was announced in August that Jacob Securities has been retained to identify financing for the first wind farm.
“It may be some time before we get to fruition, but I actually think we’re a lot closer than many people think and that’s why we’ve come on board,” King said.
He would not release figures, but said his company’s investment in Beothuk and its future is “substantial.”