The Scotian WindFields, a Windsor, Nova Scotia-based collaborative of community corporations whose goal is to generate wind power in the province, has been authorized to issue shares under Nova Scotia's Community Economic Development Investment Fund (CEDIF) initiative.
Investments in a CEDIF are eligible as registered retirement savings plan contributions and for a 30% nonrefundable Nova Scotia equity tax credit against Nova Scotia taxes if held for five years. Shareholders may qualify for subsequent tax credits in the sixth (20%) and 11th (10%) year after making the initial investment.
The network of Scotian WindFields corporations has grown over five years to include The Bay Wind Field, The Glooscap Wind Field, Northumberland Wind Field, Colchester-Cumberland Wind Field, Sou'Wester Wind Field and Chebucto Wind Field. The Gold Coast Wind Field and Isle Wind Field are currently seeking directors to round out their complement of local directors as per CEDIF regulations.
The Glooscap, Chebucto, 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, and shares are being sold for $1 with a minimum purchase of $1,000.