The Ottawa Renewable Energy Co-op is hoping to raise up to $3 million for as many as seven local solar rooftop projects with its third shareholder offering.
The projects – three at local high schools and three or four on private buildings – are expected to start producing power in January.
All Ottawa residents can become a member of the co-op by investing in the preference shares, which come with a 20-year term, are RRSP-eligible and aim for a five per cent annual dividend in addition to the return of capital over time.
As a member of the co-op, every investor gets a vote in decisions that affect the organization’s operations and investments.
“Renewable energy projects feeding energy into the grid all across Ontario have already made centralized coal facilities obsolete,” OREC’s board president Dick Bakker said in a release. “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.”
The co-op said it expects shares to sell out quickly, as they did at the second share offering which happened last year.
OREC is holding an information session Sept. 4 at 5:30 p.m. at 969 Wellington Street West.