Fundy Tidal Inc. announced yesterday that it is set to attract local investment for community projects, as it has successfully completed its Community Economic Development Investment Fund (CEDIF) Offering.
“In so doing the company is confirmed as an eligible proponent under the Province of Nova Scotia’s Community Feed-In Tariff (COMFIT) program by establishing itself as a Community Economic Development Corporation (CEDC) with a minimum of 25 investors from the community,” the company stated.
Nova Scotia’s Renewable Electricity Plan, which includes the COMFIT, aims to move the Province away from power produced by imported coal and closer to using renewable energy sources that are available in Nova Scotia.
Fundy Tidal President Vince Stuart commented: “Meeting the requirements to be designated as a CEDC is another significant milestone for Fundy Tidal. Community ownership and benefits such as developing local skill sets and employing the local supply chain that has worked on the Bay of Fundy for generations are key parts of Fundy Tidal’s vision.”
Fundy Tidal says that the yield from the Offering will be used to further develop its COMFIT projects together with research project to identify the best locations for small-scale tidal power projects in Digby County. The CAD 3.3 million project, led by Acadia University, will receive CAD 1.6 million from Natural Resources Canada’s (NRCAN) ecoENERGY Innovation Initiative with further cash and in-kind contributions from project partners, among which is Fundy Tidal.
The company has received approval from the Province for two small-scale tidal Community Feed-in Tariff (COMFIT) projects in Grand and Petit Passages, for which a public meeting will be held on November 14th at 7PM in Freeport. A meeting will also be held in the months ahead in Digby regarding the COMFIT project approved for Digby Gut.
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Offshore WIND Staff, November 7, 2013; Image: fundytidal