Canadian power developer Beothuk Energy plans to develop a 1GW offshore wind farm with an estimated investment of C$4bn ($2.86bn).

Power from the project is planned to be developed in shallow waters off the southwest coast of Nova Scotia and will be exported to New England, US.

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The export will be carried out through a proposed 200nm subsea cable, the Can-Am Link, which will make landfall close to the existing transmission facilities near Boston, thus opening up access to the New England transmission corridors.

Beothuk Energy has formed working relationships with Jacob Capital Management, Siemens Offshore Wind, Talon Energy and Maderra Engineering for the power project.

"This project will also support the Trudeau Government’s Climate Change Programme, the UN Paris Accord, and the Nova Scotia government’s Marine Renewable Energy Strategy."

Once operational, the project is expected to secure the region’s electricity supply and further climate change strategies for both the US and Canadian governments.

Beothuk president and CEO Kirby Mercer was quoted by CBC News as saying: "We have world-class wind here.

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"(American utilities) are displacing a lot of coal and nuclear right now and they’ve been mandated to close very quickly.

"They’re scrambling to get power, so we have exactly what they’re looking for. It’s preferred over hydro in the US."

Offshore wind has turned into an emerging energy sector in North America. Over the next three decades, it is expected to create $100bn in revenues, according to the US Department of Energy.

Nova Scotia is expected to gain from manufacturing components for the project, which will involve gravity based structure construction and establishment of a service / supply port.

The project is in its early phases of development and is likely to feature 120 offshore wind turbines.

Mercer added: "This project will also support the Trudeau Government’s Climate Change Programme, the UN Paris Accord, and the Nova Scotia government’s Marine Renewable Energy Strategy."

The company is presently engaged with multiple Canadian and US utilities and independent power producers to sign power purchase agreements and form partnerships for the project.