Community Wind Development in Northeastern Nova Scotia

News

Mulgrave Update

on Oct 24, 2014 in News |

In July, the turbine components were delivered to the Mulgrave site and the cranes were mobilized.  The Mulgrave turbine is now standing and is scheduled to be in full production in early November; this will be the first turbine of the 6 approved COMFIT projects Celtic Current has that will be connected to the distribution line to sell power.  The Mulgrave turbine stands 144 metres from the base of the tower to the tip of the blade, making it one of the tallest turbines in Nova Scotia.  This turbine alone can produce enough energy for 600 average-sized homes....

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EA Approval

on Feb 10, 2014 in News |

Our Environmental Assessment for Mulgrave was approved Feb 10, 2014. We received our approval for Bateston on Feb 27th, 2014.

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Offering Open until March 3rd

on Feb 6, 2014 in News |

As a small independent wind developer, our goal is to produce clean renewable wind energy by installing wind turbines on several sites throughout Northeastern Nova Scotia. Since the COMFIT program started in 2011, we have been researching several potential sites for development. We are pleased to announce that contracts have been executed with Enercon to supply and install wind turbines this year in Chéticamp and Mulgrave. 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. Nova Scotia investors may receive a 65% equity tax credit over 15 years and your investment may qualify as an RRSP holding.  Details are outlined in our offering document. In addition to the tax credits, Celtic Current Inc. expects the rate of return to investors will be approximately 7.6% over 20 years (excluding the Equity Tax Credit). Shares for this offering are $1.20 each. The minimum investment for Celtic Current Inc. is $2,400. Contact us for a copy of our offering document. If you decide to invest, we will arrange an appointment to meet with you at a place that is convenient for you. If you are purchasing shares through an RRSP or transferring existing RRSPs from another institution, we will complete the forms in a one step process. The deadline for new RRSPs is March 3rd. Please contact martha@celticcurrent.ca or call (902) 945-2300, extension 105 for more information. Thank you for your interest in our project. Celtic Current LP is 100% locally owned and operated by Nova Scotia Residents. We are committed to using local strengths and capabilities to promote strong sustainable communities. Your money will stay in Nova Scotia when you invest with us. 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 exempt offering of these securities only in Nova Scotia by authorized sales agents....

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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...

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