An Ottawa-based renewable energy organization is looking to raise a fresh round of financing so it can expand its number of solar power installations across eastern Ontario.
Since launching in 2012, the Ottawa Renewable Energy Co-operative has raised $5.1 million from investors and financed 13 solar rooftop projects in Ottawa.
Now, the co-op is looking to raise an additional $2 million for four local solar power projects: rooftop projects at the Twin Elm Rugby Park and KIN Vineyard in Carp, as well as a ground-mounted system in Alfred, east of Ottawa, and a rooftop system on a private building.
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“The future of energy is distributed, renewable, and community-owned,” said OREC president Dick Bakker in a statement. “As renewable industry continues to grow it will increasingly reduce our dependence on big, centralized generation; making the whole system more stable, secure and affordable. Local, community ownership will be a key driver of this growth.”
OREC’s preference shares have 20-year terms and average a four per cent annual dividend, plus return of capital over time, according to the co-op. Member investment notes have five-year terms and provide a fixed three per cent annual return with the capital returned at the end of year five.
