This past month, after receiving our REA, we began to move forward on 3 important items that were all waiting for this milestone to be reached: 1. A revised Offering Statement; 2. Applying for Notice to Proceed; and 3. Selecting a technology supplier. We are also continuing discussions with waste management companies to finalize an agreement on process and delivery of organic waste.
Bond Sales & Revised Offering Statement
Since we began taking names and pledges for a waiting list, we have 122 individuals and total pledges of between $592,000 and $830,000. Given the strong demand for our bonds, ZooShare and its Board have decided to raise more funds from our community of supporters and less from commercial lenders. We revised and submitted the Offering Statement to FSCO on Sept 30 for approval. We are planning to sell more bonds in the coming weeks, so if you would like to get on our official waiting list, please fill out the form here (make sure to check the “Yes, I am already registered as a ZooShare member” box).
Notice to Proceed
As you would have read last month, the final REA was received on August 28, and we are currently preparing the forms to to apply for Notice to Proceed (the next phase of the FIT contracting process).
Biogas equipment and financing
We have received proposals from 5 different biogas companies and 4 different generator companies, which are now being reviewed with a target of making a selection by mid-to-late October. We are focused on getting started with detailed engineering shortly, so that we can submit the designs to the Zoo & TRCA for approval, and have enough time to begin construction in the Spring.
Various equipment providers have offered construction and long term debt financing, and discounts, as part of their quotes for the project. This route, combined with the additional Community Bonds, is the likeliest financing avenue for getting the project off the ground.
We received Expressions of Interest from multiple waste management companies interested in working for both our grocery partner and ZooShare to process and deliver the organics we need. These letters should give our partner the confidence it needs to know that it will continue to have multiple service options once its contract with ZooShare kicks in next year. A meeting will take place in the next couple of weeks to deliver these letters and a draft contract for them to review. Given the milestones ZooShare has achieved recently, it is time to get this agreement finalized so that we can confidently move forward with detailed engineering.