Toronto, Canada [RenewableEnergyWorld.com] Atlantic Wind and Solar Inc. (AWSL) has closed a financing through which it will issue 1,000,000 Series A 12.00% Convertible Preferred Shares each with a par value of US $1.00 and quarterly interest payments.
The proceeds of the $1 million financing will be used to fund Atlantic Wind and Solar’s joint venture with a Toronto-area developer as previously announced.
The Preferred shares will be convertible into common shares of AWSL at $3.50 per share anytime before January 1, 2011, after which time it will convert at $4.00 per share anytime before January 1, 2012, after which it will convert at $5.00 per share common shares. The Series A 12.00% Convertible Preferred shares are exercisable at the holder’s discretion at any time up to January 1, 2014.
The joint venture agreement encompasses the installation of several rooftop solar projects in Ontario up to 250 kilowatts (kW) in size.
These initial roof top solar power systems will have an installed capacity of more than 1.25 megawatts (MW) and will generate a 20 year revenue stream calculated in excess of $33 million.