Naveco Launches Community Economic Development Fund
FREDERICTON–Naveco Trust is hosting an event Tuesday night to bring together the local community and business leaders to raise awareness of their community economic development corporation (CEDC) and discuss the new opportunity.
Naveco Power founder Amit Virmani says their fund will invest in profitable energy efficiency and renewable energy projects in the province and that they’re now spreading awareness of what the trust can accomplish.
“What we’ve been pointing out to people is that our project, the first one and any future projects, are projects that are economically sustainable and we’re utilizing the exact same tax credit as all other small businesses in New Brunswick,” Virmani said.
“We’re competing on the same level playing field as any other business in this province and we’re making a go of it and making it profitable for the New Brunswick investor, the community.”
The fund’s first project is a retrofit of Westmorland Place in downtown Fredericton, which will mean making the building more energy efficient by changing fluorescent bulbs to LED, replacing heating and ventilation equipment and adding insulation to the building, among others. The retrofit is expected to reduce energy costs for the building’s owner by at least 50 per cent.
Virmani says that the trust should soon have their letter of non-objection from the New Brunswick Financial and Consumer Services Commission (FCNB) that will allow them to move forward with raising the funds for their first project. Once the letter is received, the trust will have 90 calendar days to raise $1 million for the project.
“As of today we’re raising the awareness that it’s coming very soon,” Virmani said. “I’m quite confident that we’ll be able to do that since over seven in ten New Brunswickers believe we need to do something about climate change and over eight in ten New Brunswickers are actively interested in and would like to see the province invest more in renewable energy.”
Virmani says that the fund’s Westmorland Place project will be the first of many and they are now actively looking at other community-based projects in partnership with organizations like Habitat for Humanity and the Saint John Community Loan Fund.
“I’m looking at those same small business values of creating long-term jobs in the province and see it as what the consumer wants,” Virmani said.
“They want to mitigate climate change and they want more renewable energy and [it’s] what in the future is going to help create more jobs in this province. That long-term job growth is going to [happen] by investing in energy efficiency projects and industry as well as in renewable energy.”
Tuesday’s launch, which is open to the public through registry on Eventbrite, will take place at the King Street Ale House in Fredericton from 5 p.m. to 7 p.m.
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UPDATE: Naveco Trust’s letter of non-objection will be issued provided their offering document meets FCNB’s standards for compliance and transparency.