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Nova Scotian Community Wind Power Investment Funds Issue Share Offerings01.08.2007
Several community development corporations collectively referred to as the Scotian WindFields have been authorized to issue shares under the Nova Scotia's Community Economic Development Investment Fund (CEDIF) initiative of the NS Department of Economic Development. The Scotian WindFields are a network of eight community corporations throughout Nova Scotia working towards the shared vision of generating wind energy for sale in the province.
The network of active community corporations has grown over 5 years to include The Bay Wind Field (Digby, Yarmouth and Annapolis), The Glooscap Wind Field (Kings, Hants East & West), Northumberland Wind Field (Pictou and Antigonish), Colchester-Cumberland Wind Field (Colchester and Cumberland), Sou'Wester Wind Field (Queens, Shelburne, Lunenburg) and Chebucto Wind Field (Halifax Regional Municipality). The Gold Coast Wind Field (Guysborough) and Isle Wind Fields (Cape Breton) are currently seeking directors to round out their complement of local directors as per CEDIF regulations.
The Glooscap, Northumberland and Colchester-Cumberland Wind Fields are authorized to raise up to 3 million per offering to dedicate to the development of wind energy in their communities. These share offerings will be available until the end of March 1, 2007, the deadline to receive tax benefits for the 2006 taxation year. Shares are being sold for $1 with a minimum purchase of $1000. The Sou'Wester, Gold Coast and Chebucto Wind Fields are in the final process of completing their share offerings and are expected to be available prior to the end of the 2006 tax season.
In keeping with their mandate to operate or invest in businesses in the renewable energy sector in Nova Scotia, four wind field community funds have made investments in Renewable Energy Services Ltd. (RESL), the NS company completing the erection of nine turbines this year in locations such as Goodwood, Point Tupper, River John, Brookfield, Fitzpatrick Mountain and Digby. Several CEDIFs have also made investments in Windsor, Nova Scotia-based Fourth Generation Capital Corporation who is actively involved in green house gas emission trading and the development of renewable energies internationally. The Scotian WindFields CEDIFs are currently assessing locations throughout the province to site additional wind turbines and are raising capital in 2007 to further this objective.
News Releases:
Chebucto Wind Field Inc. Colchester-Cumberland Wind Field Inc. Glooscap Wind Field Inc. Northumberland Wind Field Inc.More news >>
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