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Nova Scotia Wind Turbine Manufacturer Files For Credit Protection — Taxpayers Owed Millions

Paul Withers — CBC News — July 18, 2014

The province says it hopes to recover some of the $2 million it invested in a financially-troubled Dartmouth wind turbine manufacturer.

Seaforth Energy filed for protection from creditors this week owing $4 million to 62 creditors.

“Since government is the only secured creditor, we expect some debt repayment,” Economic and Rural Development spokesperson Toby Koffman said in an emailed statement to CBC News.

“However, the amount cannot be determined until a restructuring plan is accepted and the repayment process is complete,” Koffman said.

The Atlantic Canada Opportunities Agency is the next biggest creditor. The federal agency is owed nearly $1 million.

What went wrong?

Seaforth Energy manufactured 50 kilowatt turbines used in small scale wind projects across the province.

CBC News was unable to reach anyone connected with the company to ask about its plans or what went wrong.

The company once employed 20 people and exported its turbines all over the world, making it a poster child for Nova Scotia’s renewable energy industry.  Continue reading here….

 

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