Community Wind Development in Northeastern Nova Scotia

Celtic Current Community Wind Project

on Feb 6, 2014 in News |

Celtic Current Community Wind Project

Since 1964 the Zutphen family business has been helping build projects in communities throughout Nova Scotia. They provide employment to over 200 Nova Scotia residents each year. Over the years, Zutphen have been involved with construction activities at the Point Aconi Power Generating Station, Port Hawkesbury Paper (Stora) Mill, remediation of the Sydney Tar Ponds and the Inverness Hospital Project to name a few. Zutphen has also worked on most of the major wind farms in the province. Combined, they have built 70 turbine bases and over 45km’s of access roads.

In 2011 when the Nova Scotia government announced the COMFIT program, the Zutphen Family saw it as an opportunity to compliment their business and give others an opportunity to invest in their local economy. Zutphen formed Celtic Current LP and with much determination the $16 million project is quickly advancing.  Three wind turbines in the communities of Cheticamp (Inverness Co), Mulgrave (Town of Mulgrave) and Bateston (CBRM) are expected to be producing wind energy by Q2-2015. Celtic Current is committed to using local, Nova Scotia labor and subcontractors to build their project.

“We have all the talent we need right here in Nova Scotia to build our project. We are a grass roots operation and we believe investments made in Nova Scotia should stay in Nova Scotia. As project managers, the money we save on the overall project will be included in the payback to our investors through dividends” said Martha Campbell.

Celtic Current LP is a partnership between Celtic Current Inc., a Community Economic Development Corporation (CEDC) and Zutphen Wind Inc. (Equity Partner and Project Manager). The CEDC owns 51% of Celtic Current LP.

The CEDC is a pool of capital raised through the sale of shares. Members of the community will own the CEDC.

The projected rate of return for the proposed 5.6MW project is 13.3% over 20 years, including the full benefit of the equity tax credit after 15 years. The expected rate of return, excluding the equity tax credit, is about 7.6%.

Celtic Current Inc. intends to raise a total of $2.53 million in equity with the help of local investors to install 5.6MW of wind energy. The majority of the project equity is raised through an offering document.  To date, we have over 110 investors and have raised $1.89 million for the Project.  Zutphen Wind Inc. will match the contributions made by Celtic Current Inc. As a Nova Scotian investor, there are several benefits to buying shares in a CEDC: You receive a 35% non-refundable provincial income tax credit on your investment, Additional Tax credits are available after 5 and 10 years- some restrictions apply, Your investment is RRSP eligible; this deduction is in addition to the non-refundable Nova Scotia Tax Credit.  The Issuer must meet additional conditions to be eligible for these credits; there is no guarantee that the issuer will qualify for the additional provincial non-refundable tax credits. Details are outlined in our offering document.

We invite you to become part of our wind project and participate in Nova Scotia’s Renewable Energy Plan. Contact Martha at 902 945 2300 ext 105 for more information.

Celtic Current LP is 100% owned and operated by individuals residing in Nova Scotia.

Visit our website at CelticCurrent.ca to see specific project details.

THIS CEDIF OFFERING IS A HIGH RISK INVESTMENT. THIS OFFERING IS MADE THROUGH AN OFFERING DOCUMENT, WHICH CAN BE OBTAINED FROM AN AUTHORIZED SALES AGENT, MARTHA CAMPBELL @ 902 945 2300 EXT 105. THIS OFFERING CONSTITUTES AN EXCEMPT OFFERING OF THESE SECURITIES ONLY IN NOVA SCOTIA BY AUTHORIZED SALES AGENTS. INVESTORS SHOULD READ THE OFFERING DOCUMENT BEFORE MAKING AN INVESTMENT DECISION.