Shear Wind Inc. is reporting another significant financial loss.
The Bedford renewable energy company has incurred big losses over the past three years, and it took a $563,772 hit for the six-month period ending Feb. 28, according to company documents filed with securities regulators Tuesday.
Last year, Shear Wind reported a loss of $628,184 for the year ending Aug. 31.
For the six-month period ending Feb. 28, expenses were $805,609, including $322,409 for salaries and benefits and $75,168 for professional fees. Of the $48,000 spent on consulting fees, $35,000 was charged by an unnamed director for helping with various meetings and financing activities.
Travel expenses were $42,145, up from $19,312 in the same period the previous year. The increase is attributed to Shear Wind executives and directors travelling in relation to a $27-million cash infusion last November by Spanish conglomerate Inveravante in return for 62 per cent ownership of Shear Wind.
As of Feb. 28, the company had total assets of $31,514,482, according to the financial statements.
Shear Wind, a publicly traded company formed in 2004, has been delayed in starting its $170-million wind turbine park near New Glasgow, called Glen Dhu, because of the bad credit markets in 2008.
The company is trying to get the project kick-started so it can begin delivering wind-generated electricity to Nova Scotia Power.
Shear Wind has other wind-power projects in various stages of development in New Brunswick and Alberta.
As of the end of February, the company had spent $3.39 million on Glen Dhu, $2.7 million in Alberta and $125,330 in New Brunswick, according to the management discussion and analysis filed with regulators.
Shear Wind has also made what it calls "milestone deposits" on its agreement with Nova Scotia Power, to the tune of $4.7 million during the six-month period. The company also paid out $180,000 for interconnection and system impact studies and had prepaid expenses of $843,274.
At the Glen Dhu site, which straddles Pictou and Antigonish counties, construction has started and clearing of roads and the turbine sites is expected to be completed this week, according to the documents.
The company had to forfeit its $500,000 performance deposit to Nova Scotia Power as it failed to deliver wind-generated electricity to the power company by the end of last year.
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