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Paying down a big bill

Town of Blind River has paid down a big chunk of a loan they took out as an investor.

Town CAO Katie Scott says a prepayment of $4 million was made to Canadian Mortgage and Housing Corporation, a payment she adds is not ratepayer generated.

She says the payment is part of a $49.5-million loan the town took out in 2010 as an investor in the former Plasco Energy Group in partnership with a federal municipal infrastructure loan program.

Plasco Conversion Technologies Inc. changed its name to Omni Conversion Technologies Incorporated on January 1st, 2021 and is administered by the municipally owned North Shore Power Group.

Scott says the payment came from the revenue generated by the Group, which operates a solar panel facility that sells power to the province.

She adds since 2011 the group has built a portfolio of 124 solar power projects across Ontario

Revenues from its combined operations have enabled NSPG to issue this prepayment, in addition to paying to Blind River regular annual payments on the base loan.

An update on the North Shore Power Group and related groups will take place February 15th.

For more information on how to connect to the Zoom link for the Information Session, go to the town of Blind River website.

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