By now I’m sure you’ve heard us use this term before when referencing to our first project, the 82 Westmorland Retrofit. But what exactly does that mean, and why should you care?
A retrofit, in particular, an energy retrofit, are upgrades to a building’s energy-consuming and energy-saving systems. They can involve measures ranging from superficial, low-cost measures/modifications to full overhauls or replacements of major systems*.
Our project involves retrofitting the 65,000 square-foot commercial building located on the corner of Westmorland and Queen Street in Fredericton. Once known as the Lavigne’s Department Store, this building has had the same stable long-term tenants since 1990. These include ICS (Interactive Computer Systems,) the Federal Court of Canada, and the Government of New Brunswick, and MPHEC (Maritime Province of Higher Education Commission.)
It will become the first LEED Gold EB & OM (Existing Building & Operations and Maintenance) in NB and 2nd in all of Canada, with the first one being La Maison de l’OACI in Montréal certified in 2008.
Naveco Power is currently looking for Accredited Investors that want an opportunity to invest in this clean energy project in their own backyard. How does it work?
- Shares invested in real assets
The funds are used for the procurement and installation of LED lighting, HVAC amount other equipment.
- Planned Liquidation Event
The Client has committed to purchase the assets at the end of the fourth year, triggering a liquidation event for the investor’s preferred shares.
- Benefits that Last
Your investments are Small Business Tax Credit (SBITC) eligible, providing up to a 50% income tax credit which can be applied three years in the past and seven years into the future. You can also further mitigate your taxes through RRSP’s.
Now, why should you care? It’s simple.
This retrofit will reduce CO2 emissions by 30% and cut energy consumption in half. It’s estimated to provide community investors with annual dividends and the opportunity to reduce greenhouse gas emissions from the atmosphere. By retrofitting the ventilation & cooling, heat & hot water, and adding LED lighting, 175 tonnes of CO2 will be reduced (that’s the equivalent of around 37 cars off the road!)
Let’s make this change together! Here’s how can you invest:
- Visit Naveco.ca
To request Investor Kit.
- Review Share Classes & Dollar-amount Invested
Choose your investment product.
- Invest Online
File the online subscriber agreement on our website.
- Review Application
This application shall be reviewed by staff to ensure government compliance.
- Earn Dividends or Capital Appreciation on your Investment
Class A shares will appreciate in value. Class B shares will receive dividends that will be deposited directly in your bank account twice a year.
- Track Returns & Impact
Naveco Power will provide newsletters to keep investors informed and up to date on financial performance as well as carbon reductions. You will also receive detailed and timely reports on your investments.
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