New Windpower fund raises $42,500,000
The offering raised $42,500,000 for investment in flow-through shares of Mount Copper Wind Power Energy Inc. (Mount Copper) and Pubnico Point Wind Farm Inc. ("Pubnico Point") that will construct and then operate wind energy projects to generate electricity for sale to provincial electricity utilities pursuant to long-term power purchase agreements. Investors in the Partnership are expected to receive tax deductions up to 83% of the amount invested in the 2003 taxation year.
The proceeds of the offering will fund the cost of construction of a total of seven test wind turbines which will qualify as Canadian Renewable and Conservation Expense ("CRCE") under the Income Tax Act (Canada). CRCE eligible expenses are 100% deductible for income tax purposes and will be flowed through to investors in the Partnership. Following the installation of the test wind turbines, and upon satisfactory completion of a 120 day test period, Mount Copper and Pubnico Point intend to complete the installation of an aggregate of 40 additional infill wind turbines using construction debt financing to complete the projects.
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