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Canada

Canada

Prince Edward Island residents offered wind power bonds

Prince Edward Island (PEI) residents are being given the chance to invest in wind power. PEI's Renewable Energy Corporation, a subsidiary of the government-owned PEI Energy Corporation, is issuing bonds in the 30 MW Eastern Kings Wind Farm now under construction. "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," says Premier Pat Binns. "With this investment mechanism, islanders can become true partners in wind energy development." Details of the offering are still being finalised by the provincial treasury, but the bonds will be available in financial institutions across the island by December 1. They will be offered in C$500 denominations and have a guaranteed interest rate of 5%. The maximum individual investment limit will be C$5000 a year, with the interest calculated and paid annually. Eastern Kings, made up of ten Vestas 3 MW turbines, is expected to be completed in December.

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