Today marked another major milestone in the development of the Eastern Kings Wind Farm as Government announced details of the mechanism that will allow Islanders to invest in the project.
Premier Pat Binns and Minister of Environment, Energy and Forestry Jamie Ballem made the announcement before touring the construction site Thursday.
“Wind is a natural resource that belongs to Islanders, and our Government strongly believes that it should be used to the fullest benefit of Islanders,” said Premier Binns. “With this investment mechanism, Islanders can become true partners in wind energy development in Prince Edward Island. They will have the opportunity to invest in their own future and in PEI’s energy future.”
Minister Ballem explained that bonds in denominations of $500 will be issued through the Prince Edward Island Renewable Energy Corporation, a wholly-owned subsidiary of the PEI Energy Corporation. Bonds will be marketed to Island residents and companies. The maximum individual investment limit will be $5,000 per year, with the interest calculated and paid annually.
Six-year-old Liam MacDonald, a Grade 1 student at Parkdale Elementary School, was a special guest at Thursday’s announcement. The son of Shawna MacAulay, Liam will receive the first bond issued by the PEI Renewable Energy Corporation.
“We wanted to give the first bond to someone who represents the future,” said Minister Ballem. “And who better than a Grade 1 student – someone who is just embarking on an exciting new phase of life, with all the promise of the future in front of him.”
Liam was chosen through a random draw conducted by the Department of Education. The department randomly selected an elementary school, then a Grade 1 class in the school and, finally, a student in the class.
Bonds for the Eastern Kings Wind Farm will be available December 1, 2006. It is expected that they may be purchased through any bank or financial institution. It is anticipated that the bonds will be a qualified investment and may be included in a self-directed registered retirement savings plan (RRSP). Further details will be available in the coming weeks.
The Eastern Kings Wind Farm will be completed in December. Foundations for the 10 turbines have been poured and all of the turbine components will be delivered by the end of the week. Work will then begin on erecting the bottom tower sections.