in News Departments > Projects & Contracts
print the content item

Genera Avante Holdings Canada Inc. (GAHC), which holds approximately 62% of the common shares of Shear Wind on a fully diluted basis, has agreed - subject to regulatory approval - to loan up to C$5 million to Shear Wind for required project development expenditures and operating expenses.

The loan will also help advance funds to Shear Wind's wholly owned subsidiary, Vindt Resources Inc., which will use the funds for required project development expenditures in Alberta as well as repayment of Vindt's promissory note with GAHC that was provided in August.

Shear Wind plans to issue an unsecured promissory note to GAHC in the principal amount of C$5 million with an initial draw down of C$3 million. The note shall bear interest at 10% per annum. Fifty percent of the principal drawn on the note, together with interest, shall be due on Dec. 31, 2012 with the remainder due on Dec. 31, 2013.

SOURCE: Shear Wind Inc.


Trachte Inc._id1770
Latest Top Stories

Senate Passes Tax Extenders Bill With Wind PTC Extension

The legislation, which passed in the U.S. House earlier this month, will renew the critical production tax credit through the end of 2014 - giving developers only about two weeks left to start construction.


Transmission Study Shows Nebraska Could Handle A Lot More Wind Power

A new report released by the Nebraska Power Review Board finds that the state already has enough infrastructure to accommodate at least 2 GW of additional wind generation.


Can Wind Energy And Birds Coexist? Environmental Group Says Yes

The Environmental Defense Fund, a supporter of responsible wind energy development, points out ways to help mitigate impacts of turbines on birds and bats.


Another Study Finds Wind Turbines Do Not Affect Nearby Property Values

Research conducted by the University of Guelph focused on regions in Ontario, and the conclusion echoes that of previous studies.


Too Little, Too Late? U.S. House Approves Wind PTC Extension

The U.S. House of Representatives has passed a tax extenders package that would renew the wind production tax credit (PTC) and about 50 other expired tax breaks through 2014. The wind industry argues the short-term fix is virtually no fix at all.

Hybrid Energy Innovations 2015