Gorge Wind

Arlington, OR, United States

Short Description

$100,000 in Construction Bonds to finance Community Wind project in Oregon


Executive Summary

Gorge Training Facility, LLC, an Oregon limited liability company (“Issuer”), is issuing $100,000 in secured notes (“Notes”) to partially finance the construction of a single-turbine 2.3 MW wind energy project outside of Arlington Oregon (the “Project”).  Proceeds from the offering will be used to pay for a portion of the foundation works for the Project, consisting of highly engineered precast post-tensioned concrete beams and anchors (the “Foundation”) designed and installed by RUTE Foundation Systems, Inc., which is also the sponsor of the Issuer. The Notes, which will pay 10% simple accruing interest, will be secured by the Foundation.

When constructed, the Project will serve as an educational resource, training both professional and secondary students about servicing, maintaining, and operating wind energy equipment.  This training will be conducted by both county and state agencies, as well as the Columbia Gorge Community College. The Project will also serve as a showcase for RUTE’s innovative precast wind turbine foundation technology.


Offering Summary

Gorge Training Facility, LLC (the “Issuer”) is issuing $100,000 in Senior Secured Notes (each, a “Note”) in denominations of $500 (the "Offering").  Proceeds from the Offering will be used to pay for approximately one third of the cost of the foundation works (the “Foundation”) required for the erection and operation of a single 2.3 megawatt wind turbine generator.

The principal balance on the Notes will accrue simple interest at a rate of ten percent per annum until the maturity date, which is the earlier of (a) the second anniversary of the date on which the offering closes or (b) a change of control of the Issuer (the "Maturity Date").  For example, if you were to purchase $1,000 worth of Notes, on the second anniversary of the date on which your investment goes to the Issuer, the Issuer would pay you $1,200.  If the Issuer is acquired by another company, you would be paid your principal plus the interest that has accrued up to the sale date.

The Notes will be secured by a first position lien on the Foundation, which (unlike traditional wind turbine foundations) can be removed and reused.  This means if the Issuer does not pay you the amount due under the Note, you have a right to possession of a portion of the Foundation, and you can require its removal unless you get paid.

For more details on the Offering, please see the terms and conditions on the “Investment” tab of this listing and the Note and Note Purchase Agreement.


About the Project

GTF will serve many purposes.  First and foremost, it will serve as a much needed resource for technical and secondary students to learn about servicing, maintaining, and operating modern wind energy equipment.  This training will be conducted by programs implemented by both Gilliam County and the Columbia Gorge Community College’s wind technician program.  Because the Project is located in the heart of wind energy country in Oregon, local students can receive state of the art training and be able to secure a job locally, allowing them to remain in their community. Second, the Project will serve as a demonstration center for RUTE’s innovative foundation technology.  It is the first foundation that can be fully removed economically, thereby enabling full restoration of the ground upon decommissioning of the wind turbine.  Last, it will provide cost-effective wind energy to customers in eastern Oregon.

For more information on the details of the Project, please see the Project Fact Sheet.


About the Sponsor

RUTE, an Oregon corporation, designs and installs wind turbine generator foundations using its patent pending technology.  Based on bridge engineering, RUTE’s technology combines a precast, post-tensioned concrete beam and hub assembly with site specific anchors.  The result is a cost-effective foundation that is delivered on-site and ready in days rather than months.  RUTE will contract with GTF for the sale of the Foundation.

For more information on RUTE, please visit www.rutefoundations.com.


About the Team

Doug Krause is the president of both the Issuer and RUTE Foundation Systems Inc., and is the inventor of the RUTE foundation.  Doug, a civil egineer, served as chief engineer on numerous wind energy projects for Akuo Energy and SunEdison.  Other team members include Brian Willman of Golder & Associates, a geotechnical engineer, and Jon Norling, an energy attorney and recovering renewable energy developer [Disclosure:  Jon Norling is also an owner of GridShare].

DEBT

Gorge Training Facility, LLC, an Oregon limited liability company, is offering $100,000 in senior secured notes (the "Notes") to investors.  The terms of the Notes are as follows:

Issuer

Gorge Training Facility, LLC, an Oregon limited liability company ("Issuer")

Notes Offered

$100,000 in senior secured promissory notes.

Interest Rate

10% per annum, accruing until the Maturity Date

Use of Proceeds

Net proceeds of the offering will be used to finance a portion of the foundation works of the Workhorse Wind Project, a 2.3 MW single-turbine wind project in Gilliam County, Oregon

Target Amount

$100,000

Oversubscriptions

The Issuer will accept purchases in excess of the Target Amount and additional Notes will be sold, up to a maximum of $350,000.

Offering Deadline

December 31, 2017

Maturity Date

The earlier of the second (2nd) anniversary of the date on which the offering closes or upon a change of control of the Issuer.

Prepayment

The Company shall have the option to prepay the Notes at any time prior to the Maturity Date by paying the principal and all accrued interest.

Security

 The Notes are secured by a first position lien on a specific portion of the foundation works as identified in the Security Agreement

Definitive Agreements

 Note Purchase Agreement and Note

Ranking

The Notes will be our senior unsecured obligations and will rank equally with our other unsecured and unsubordinated debt from time to time outstanding.

Securities Exemption

The Issuer is relying on the exemption to registration in Section 6(a)(4) of the Securities Act of 1934 and Regulation Crowdfunding issued by the Securities and Exchange Commission.

Denominations

The Notes will be issued in minimum denominations of $500 and any integral multiple of $500 in excess thereof.

Governing Law

Oregon

Risk Factors

You should consider carefully all the information set forth in our Form C and, in particular, you should evaluate the specific factors set forth under the heading “Risk Factors” in our Form C filed with the SEC (and set forth in the document Risk Factors.pdf), as well as the other information contained or incorporated herein by reference, before investing in any of the Notes.

Trading

 

The Notes are a new issue of securities with no established trading market. We do not intend to apply for listing of any series of the notes on any securities exchange

 

 

 



Debt Repayment Interest Rate: 10%
Debt Repayment Period: 24 (months)
Minimum Investment: 500

No updates yet
This section is for public discussions about the project.


Type of Offering
Renewable Energy Project
Regulatory Exemption
Regulation Crowdfunding (Title III)
Categories
Wind
Targeted Offering Amount
$100,000
Investors
2
Offering Deadline
Dec. 31, 2017



Progress
8% Funded

Donations

You are not signed in!
You need to first sign in before making any donations.
Sign In
You are not signed in!
You need to first sign in before buying debt.
Sign In
You are not signed in!
You need to first sign in before buying debt.
Sign In
You are not signed in!
You need to first sign in before investing.
Sign In