HALIFAX: Last week renewable energy investment company, Scotian Wind Inc. announced the launch of its Community Economic Development Investment Fund (CEDIF) offering for the 2017 RRSP season.
A letter of non‐objection was received from the Nova Scotia Securities Commission two weeks ago, paving the way for the company to launch its offering to eligible Nova Scotian investors.
Scotian Wind already has 300 shareholders throughout Nova Scotia after raising $1.7 million in a CEDIF offering last year. The current offering of up to $2.8 million will provide the opportunity for more Nova Scotians to share in ownership of the 20 Vestas 2 Megawatt turbines that Scotian Wind and its partners are operating at various locations throughout the province under 20‐year power purchase agreements with Nova Scotia Power.
The equity capital raised by Scotian Wind will be directed to existing projects that were developed under the Community Feed‐In Tariff (ComFIT) program of the provincial government. This program has since closed, making this the final opportunity for Nova Scotians to invest in projects that qualify for ComFIT rates and terms.
This share offering is authorized under the CEDIF program. This program provides provincial tax advantages to Nova Scotian investors on the purchase of shares of qualified companies.
By qualifying under the CEDIF program, Scotian Wind ensures that its shareholders will enjoy a 35 per cent non-refundable Equity Tax Credit toward 2106 provincial income taxes, as well as potential further tax credits of 20 per cent and 10 per cent for holding the shares over the duration of five and 10 year periods respectively.
The shares of Scotian Wind are RRSP eligible as well, to further enhance the attractiveness to investors.
The company has announced that it is launching a Green Investment Tour by its president, Terry
Norman and two other sales agents Jen Nicholson and David Howell.
Nova Scotians can learn more about the opportunity to own shares in Scotian Wind and the tax advantages that accrue by attending one of the following information sessions, one of which is scheduled for February 8 at 5 p.m. at the Antigonish People’s Place Library.