Nova Scotian Wind Power Funds Issue Share Offerings

The Scotian WindFields — a network of eight community corporations throughout Nova Scotia working toward generating wind energy for sale in the province — 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.

Investments in Nova Scotian CEDIFs continue to grow with more than $20 million of investments made by Nova Scotians in a variety of enterprises, one of which is wind energy. 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. “Through a CEDIF, communities can retain capital to invest in businesses which they want to support. It provides an opportunity to develop local pools of capital, which make all of their investment decisions within the community,” said Chris Payne, Manager, Community Investment Funds for the Nova Scotia Department of Economic Development. “Since their inception, these Funds have grown considerably and we expect this growth to continue for many years.” 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., the NS company completing the erection of nine turbines this year. Several CEDIFs have also made investments in Windsor, Nova Scotia-based Fourth Generation Capital Corporation which is actively involved in greenhouse gas emission trading and the development of renewable energies internationally.
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