Investments will finance four new solar projects throughout Eastern Ontario
FOR IMMEDIATE RELEASE
January 16, 2017
Communications Manager, OREC
1 (855) 338-6732
OTTAWA – The Ottawa Renewable Energy Co-op launches its fifth securities offering and is seeking to raise up to $2 million to invest in four local solar power projects. The Co-op’s latest projects include a rooftop project at both the Twin Elm Rugby Park and KIN Vineyard in Carp along with a ground mount system in Alfred, Ontario, and a rooftop system on a private building. These projects will start to produce power for the grid starting in June, 2017.
OREC’s previous four securities offerings raised $5.1 million, financing 13 solar rooftop projects in Ottawa – four of which are found on local French language schools
“Working with the French school boards to install these solar projects has been such a pleasure. We are accomplishing our environmental and educational goals, while also providing a profitable, socially-responsible investment option for our members,” says Janice Ashworth, OREC’s General Manager.
Investments can be made by purchasing Preference Shares or Member Investment Notes and is open to all residents of Eastern Ontario who become members of the co-op. OREC’s preference shares have 20-year terms, are RRSP & TFSA-eligible, and average a 4% annual dividend plus return of capital over time. Member Investment Notes have five year terms and provide a fixed 3% annual return with the capital returned at the end of year five.
As opposed to a mutual fund where individual investors have little control, with a co-op, every investor becomes a member and has a vote in decisions that affect operations and investments.
“The future of energy is distributed, renewable, and community-owned. Co-ops like OREC are doing to the energy sector what Wikipedia did to encyclopedias and what the internet did to the computer business. Renewable energy projects feeding energy into the grid all across Ontario have already made centralized coal facilities obsolete. 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.” says Dick Bakker, President of OREC’s Board.
OREC expects the securities offering to sell out quickly, as it did in previous years. Interested individuals are encourage to visit OREC’s website at www.orec.ca.
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