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SIF #2 Solar Income & Growth (The “Fund”) Head Office OFFERING MEMORANDUM Date: May 27, 2016 The Issuer Name: SIF #2 Solar Income & Growth (the “Fund”) Head office: Address: 150 Bridgeland Avenue, Suite 202/206,Toronto, Ontario M6A 1Z5 Phone #: (416) 548-6449 E-mail address: [email protected] Fax #: (416) 900-3842 Currently listed or quoted? These securities do not trade on any exchange or market. Reporting issuer? No SEDAR filer? No The Offering Securities offered: Units of the Fund (the “Units”) Price per security: $80 per Unit1 Minimum/Maximum offering: There is no minimum. You may be the only purchaser. The maximum offering is $8,000,000. Funds available under the offering may not be sufficient to accomplish our proposed objectives. Minimum subscription amount: $800 (10 Units) Payment terms: Payment by cheque or bank draft to SIF #2 Solar Income & Growth for the full subscription amount. Proposed closing date(s): Closings of sales of Units are expected to occur in stages (each, a “Closing”) from time to time, at the discretion of Solar Income Fund Inc. (“SIF” or the “Manager”). Income tax consequences: There are important tax consequences to these securities. You should consult your own professional advisers to obtain advice on the income tax consequences that apply to you. See Item 6 – Income Tax Consequences and RRSP Eligibility. Selling agent: Yes. See Item 7 – Compensation Paid to Sellers and Finders. Resale restrictions You will be restricted from selling your securities for an indefinite period. See Item 10 – Resale Restrictions. Purchaser’s rights You have 2 business days to cancel your agreement to purchase these securities. If there is a misrepresentation in this offering memorandum, you have the right to sue either for damages or to cancel the agreement. See Item 11 – Purchasers’ Rights. No securities regulatory authority or regulator has assessed the merits of these securities or reviewed this offering memorandum. Any representation to the contrary is an offence. This is a risky investment. See Item 8 – Risk Factors. 1 The price per Unit is higher than the net asset value (“NAV”) used to set the redemption price for unitholders should they wish to exit the Fund. The NAV changes regularly and its value is determined based on a variety of factors, including the initial capital issuance costs, distribution costs and any operating losses, among other factors. The Manager determines the NAV at least every year. The current NAV on a per Unit basis determined as at December 31, 2015 is $59.83. GLOSSARY ................................................................................................................................................................ 1 FORWARD LOOKING STATEMENTS ................................................................................................................ 6 DOCUMENTS INCORPORATED BY REFERENCE .......................................................................................... 6 ITEM 1: USE OF AVAILABLE FUNDS ................................................................................................................. 7 1.1 Funds ............................................................................................................................................... 7 1.2 Use of Available Funds .................................................................................................................. 8 1.3 Reallocation..................................................................................................................................... 9 ITEM 2: BUSINESS OF THE FUND ....................................................................................................................... 9 2.1 Structure ......................................................................................................................................... 9 2.2 Our Business ................................................................................................................................. 11 2.3 Development of Business ............................................................................................................. 21 2.4 Long-Term Objectives ................................................................................................................. 25 2.5 Short Term Objectives and How We Intend to Achieve Them................................................ 25 2.6 Insufficient Funds ........................................................................................................................ 25 2.7 Material Agreements ................................................................................................................... 25 ITEM 3: INTERESTS OF DIRECTORS, MANAGEMENT, PROMOTERS AND PRINCIPAL HOLDERS .................................................................................................................................................. 37 3.1 Compensation and Securities Held ............................................................................................. 37 3.2 Management Experience ............................................................................................................. 39 3.3 Penalties, Sanctions and Bankruptcy ......................................................................................... 40 3.4 Loans ............................................................................................................................................. 41 ITEM 4: CAPITAL STRUCTURE ......................................................................................................................... 41 4.1 Equity Securities .......................................................................................................................... 41 4.2 Long-Term Debt Securities ......................................................................................................... 41 4.3 Prior Sales ..................................................................................................................................... 42 4.4 Redemption History ..................................................................................................................... 43 ITEM 5: SECURITIES OFFERED ........................................................................................................................ 43 5.1 Terms of Securities ...................................................................................................................... 43 5.2 Subscription Procedure ............................................................................................................... 46 ITEM 6: INCOME TAX CONSEQUENCES AND RRSP ELIGIBILITY ......................................................... 47 ITEM 7: COMPENSATION PAID TO SELLERS AND FINDERS ................................................................... 47 ITEM 8: RISK FACTORS ...................................................................................................................................... 47 ITEM 9: REPORTING OBLIGATIONS ............................................................................................................... 52 ITEM 10: RESALE RESTRICTIONS ................................................................................................................... 52 10.1 General Statement ....................................................................................................................... 52 10.2 Restricted Period .......................................................................................................................... 53 10.3 Manitoba Resale Restrictions ..................................................................................................... 53 ITEM 11: PURCHASERS’ RIGHTS ..................................................................................................................... 53 ITEM 12: FINANCIAL STATEMENTS ............................................................................................................... 57 ITEM 13: DATE AND CERTIFICATE ................................................................................................................. 79 FIGURE 1: SIF#2 SOLAR INCOME & GROWTH …………………………………………………………….80 FIGURE 2: EXISTING FUNDS AND AFFILIATES…………………………………………………………….81 2 GLOSSARY In this Offering Memorandum, unless the context otherwise requires, the following words and terms shall have the indicated meanings and grammatical variations of such words and terms shall have corresponding meanings: “Administrative Fee” means the fee paid to the Manager for providing support services to the Fund and its Subsidiaries in accordance with the Management Agreement as it may be amended from time to time. “BCSC” means the British Columbia Securities Commission. “Bridge Borrower” means Solar Income Fund LP (#5), an Existing Fund managed by SIF. “Business” means the investment by the Fund in Subsidiaries which will in turn invest in the acquisition, development financing, and operation of Installations and other ancillary or incidental business activities. “Cash Distributions” means the amount of cash distributed in respect of the Units to the extent that such distributions do not represent a return of capital to Unitholders for accounting or tax purposes. “CIA” means a Connection Impact Assessment. “CLA” means the Construction Lien Act (Ontario). “Declaration of Trust” means the declaration of trust dated October 9, 2014 and amended and restated on February 3, 2016, governed by the laws of the Province of Alberta, pursuant to
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