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.
OBJ360 (Sponsored)
Ottawa’s Paterson Group offers a million reasons to give
There’s a particular image that David Gilbert, President of Ottawa-based Paterson Group, is delighted to share. It’s a map of the Ottawa area and beyond covered with thousands of dots,
Navigating the Second Trump Administration: Insights for Canadian Businesses
As Canadian businesses and governments continue to digest and consider the implications of the 2nd Trump administration, Fasken is leading in its efforts to support our network of clients and
“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.
