Watts Wind Energy Inc. recently held a community meeting in Sheet Harbour, Nova Scotia, to discuss a proposed wind project. The company plans to install and operate a single 1.5 MW Vensys V77 wind turbine at Watt Section, Nova Scotia, near Sheet Harbour. Watts Wind Energy has signed a 20-year power purchase agreement with Nova Scotia Power.Â
Watts Wind Energy is a new venture started by renewable energy operators Seaforth Engineering and Eon WindElectric. It is being organized as a special-purpose community economic development investment fund (CEDIF), which is registered retirement savings plan (RRSP) eligible and provides the potential for up to 65% in tax benefits to eligible Nova Scotia investors, subject to various conditions. Nova Scotia residents, including residents in the Sheet Harbour community, will have an opportunity to invest in Watts Wind Energy as part of the CEDIF structure.Â
Watts has measured wind data at the site since October 2008. Seaforth Energy Inc. has been contracted to manage Watts Wind Energy, and Eon WindElectric, a wind farm installation and servicing firm, will be providing wind consulting and project management services.Â
The current intent of Watts is to annually distribute most of its net profits to shareholders by way of dividends after paying all expenses and contributing to a capital reserve account, rather than reinvesting any profits into Watts Wind Energy.
This structure aims to provide Nova Scotia investors with the tax benefits of the CEDIF structure and tax deferrals of RRSPs, with a goal of providing an annual return to investors from the net profits of Watts Wind Energy, rather than using net profits for other purposes.Â
SOURCE: Eon WindElectric
