Navigation trigger

Blind River Makes $4 Million CMHC Loan Payment

Font size: Print:
Blind River Logo

Prepayment 16 years in Advance

Posted: 02/01/2022

The Town of Blind River has just completed a prepayment of 4 million dollars to Canadian Mortgage and Housing Corporation (CMHC) to reduce its long-term liabilities that are not due until April 2037. Mayor Sally Hagman stated, "This is a significant milestone in the history of Blind River. Mayor and Council have gone through some turbulent times since 2010 but the page has turned and we feel confident going forward that we are on the right path."
Since 2011, North Shore Power Group (NSPG), which is owned by the Town of Blind River, has build a portfolio of 124 solar power projects across Ontario from Ottawa to Rainy River with a total installed capacity of 4.34 megawatts. Revenue from its combined operations have enabled NSPG to issue this prepayment, in addition to paying to the Town its regular annual payment on the base loan.
North Shore Power Group operations include the administration of its 2011 investment in Plasco. Plasco Conversion Technologies Inc. changed its name to Omni Conversion Technologies Inc. on January 1, 2021. During the past year a massive change in market sentiment towards a carbon neutral economy has occurred. There is renewed interest in OMNI's technology, and the company has gathered a group of powerful financial sponsors and strategic partners.
In April of 2021, Omni Conversion Technologies entered into an agreement with the Larsen-Lam Climate Change Foundation to sell its first commercial unit for USK $35 million.
On December 17, 2021, Omni Conversion Technologies entered into a debt restructuring agreement. Under this agreement, provided Omni meets its obligations, NSPG will receive sufficient funds to repay its entire loan to the Town of Blind River and thus the remainder of the CMHC borrowings.
"The Omni technology has the potential to make a significant environmental difference in this world. As such, it fits with our cleantech business strategy. It appears that Omni's time has arrived as the world addresses climate change. Everyone at our power company wishes them every success, while we continue to focus on our mandate of producing green energy for the benefit of our community," said Graeme Lowry, President and CEO of NSPG.
Graeme Lowry will be giving a presentation on North Shower Power Group and OMNI Conversion Technologies at the Town of Blind River Information Session that is being held on February 15, 2022. The Zoom link for the Information Session is

View All News
Last item for navigation