President's Report - 2009
It has been a very positive experience serving as President of Bay Wind since November of 2007 and I am delighted to be presenting the 2009 Bay Windfield president's report. After this AGM, I will be stepping down from my role as President but expect to continue assisting the company as a Director on the board.
Looking back at the past year, financially speaking, it has been very 'interesting' to say the least. Unless you had your money in a GIC, pretty much all public investment vehicles decreased in value. Fortunately for us, Bay Wind, being a CEDIFand not publicly traded, avoided the downturn in financial markets and maintained its value. Also, fortunately for shareholders of Bay Wind, all our current investments are with companies who are not publicly traded. This is fortunate because there were very few public companies that did not reduced in value over the past year.
During these interesting economic times Bay Wind has managed to keep busy. I will start this report by listing our events of the past year followed by updates on our past investments:
As far as updates on the companies we have previously invested in, two have provided information and the third, being 4G (Fourth Generation Capital) has not supplied any recent information. As far as we have been told, 4G is active in China and has imported Chinese technology to Ontario as it relates to a Biomass power generating plant. We cannot quantify this information but hope that 4G becomes very successful.
- On February 29th 2008 the Bay closed its 5th successful offering. This offering increased our number of shareholders to over 160.
- In August of 2008, the Bay made a strategic investment in The Gold Coast . We purchased 51% of the company which also provides us with excellent investment potential for future projects due to the geographic location of their territory. For those unaware, they have the rights between Hfx and Canso.
- Also in August 2008, The Bay signed an agreement with a local company which produces wood bricks from waste wood. These bricks are used as an alternative to firewood for heating purposes. This agreement is in the form of an interest bearing loan to the company which provides the Bay with a revenue stream in the form of monthly interest cheques.
- In September of 2008, the Bay completed a 10 for 1 stock split. This split was deemed necessary to prevent further dilution of existing shareholder's investments. This factor was determined according to the current market values of investments held by the Bay.
RESL (RENEWABLE ENERGY SERVICES LTD)
RESL recently held their AGM in Halifax earlier this month.
There were 7 shareholders in attendance, this including representation from The Bay.
RESL currently have 5 turbines operating. They have sold the following in the last year:
The installation of the turbine at the Generating Plant at Point Tupper. was not feasible due to unsuitable ground conditions, though the project was cancelled the turbine was relocated to the near-by Wind Farm. Currently RESL has a 25Mw RFP from NS Power and they are concentrating on the Point Tupper wind farm.
- Project with Shear Wind. The two turbines that were part of a joint agreement with Shear Wind were sold to them. They stated it was for operational reasons.
- T600 Turbines. They have sold two T600 turbines to Boston and helped to install the product. The turbines were small and were the only ones that they could use at that location that were available at that time.
Alberta. RESL and AESO (Alberta Electric System Operator) are still carrying out environmental assessments of 2 projects.
They currently have 170 Mw under development, but we do not have any additional details on these developments.
RESL is looking for significant investors and are apparently in talks with one or more entities but would not provide any additional details. They are also interested in investment and the Equity Tax Credit is still available for individuals who invest from Nova Scotia.
At this point the company made no reference to going public in the near future.
Scotian WindFields Inc (SWFI)
SWFI now has one "inside the fence" up and running. This is at the Porter's Lake Superstore. It is expected that another one should be announced soon.
In June Scotian WindFields launched Carbon Services Division.
In 2008, Scotian WindFields bought Doctor Solar to help expand into the solar energy industry. Doctor Solar has more than 20 years of experience installing solar thermal systems in Nova Scotia, and was a perfect fit to the community based Scotian WindFields team.
SWIFI considered a merger earlier in the year which promised to bring more financial resources to the Digby Neck project. The merger did not take place but talks are ongoing.
As with RESL, financing is proving to be more difficult in these hard economic times for everyone.
Services SWFI currently provide include:
In conclusion, The Bay has been busy looking out for the best interests of our shareholders. We aspire to continue investing in select projects whereby we expect to generate future financial gain to our shareholders while making the environment a more sustainable and energy efficient place.
- Utility Wind: bidding on grid scale development in the 30 to 40 MW range as suppliers to Nova Scotia Power Inc.
- Embedded Generation: developing 'inside the fence' projects to service commercial retailers, industrial applications, and institutional facilities.
- Small Wind: providing turnkey packages to homeowners and small businesses with alternative energy solutions, as well as the tools to reduce their carbon footprint.
- Solar: working with clients to provide turnkey solar solutions in hot water heating and photovoltaic applications.
Thank you very much.
President - The Bay Wind Field Inc.
Other Presidents Reports: Click the link below to view