Ottawa solar energy co-op seeks to raise $1.3M to invest in Lake Huron wind-turbine project

Wind turbines

An Ottawa-based renewable energy organization is looking to raise a fresh round of financing in a bid to acquire two new wind turbines along the shore of Lake Huron.

The Ottawa Renewable Energy Co-operative says it’s launching a new offering to raise up to $1.3 million to purchase the two turbines in partnership with an independent power producer that belongs to a “well-established, municipally owned group of energy infrastructure companies.”

Since it was founded in 2012, the Ottawa Renewable Energy Co-operative has raised more than $8 million from investors and financed 21 solar projects in Ottawa and eastern Ontario. The Lake Huron project would be its first outside the region. 

“The future of energy is distributed, renewable, and community-owned,” OREC president Dick Bakker said in a statement. 

“Co-ops like OREC are doing to the energy sector what Wikipedia did to encyclopedias and what the internet did to the computer business. As (the renewable energy) industry continues to grow, it will increasingly reduce our dependence on big, centralized generation, making the whole system more stable, secure and affordable.”

OREC’s preference shares have 15-year terms and have historically averaged a 3.45 per cent annual dividend, plus return of capital over time, according to the co-op.