Green Timiskaming Joining with SolarShare
Northern Solar Bonds to be Refunded - SolarShare SolarBonds Now Available
March 30, 2016
There have been many changes on the road to developing Green Timiskaming's ten FIT contracted solar projects. The good news is that we finally have clarity that we will be able to proceed.
We are also excited to announce that Green Timiskaming will be joining forces with Solarshare, Ontario's largest solar co-operative. This will enable the development of the projects and minimize long term operating costs.
The new arrangement will allow the projects to be 100% community owned - up from our expected 51%. The membership, assets and liabilities of Green Timiskaming will be transferred to SolarShare and we will have a much larger co-operative with better and more efficient operating capacity, and better borrowing capacity. This will secure the long term operation of the projects.
To accommodate the transfer, existing Northern Solar Bonds will be paid out with accrued interest for the time period that the principal was held by Green Timiskaming. Members can then decide if they wish to purchase SolarShare SolarBonds (SolarBonds are available through SolarShare’s website). Unlike Northern Solar Bonds, SolarBonds are RRSP eligible. SolarShare currently offers a 15 year self-amortizing bond at 6% along with traditional 5 year term bonds paying 5%.
If you would like to purchase SolarShare bonds you can get information on this at: http://www.solarbonds.ca/
All of the instructions for investing are in “About Investing”
Please note that SolarShare's current Offering Statement (which offers the rates quoted above) expires April 30, 2016. A new offering may have different rates.
Read more about the new arrangement here.
If you have any questions or would like to further discuss this feel free to call me.
Green Timiskaming Board Chair