The Ottawa Renewable Energy Co-operative is expanding its borders as it looks to raise $1.7 million in its fourth offering, the group announced Monday.
OREC members unanimously approved a motion to change its boundaries at its last meeting, giving residents throughout eastern Ontario the opportunity to invest in renewable energy initiatives.
OREC’s operations manager, Janice Ashworth, said the group’s original goal of being a community-focused organization has been reached, so it’s time to spread out.
“It is OREC’s desire that renewable energy generation in this region be owned by its community members,” Ms. Ashworth said in a statement.
In its fourth offering, OREC is looking for investors for six solar rooftop projects. Three are on area schools, one in a commercial building, and two others in barns in Dunrobin and Manotick Station. The projects are expected to add 758 km to OREC’s portfolio.
This latest offering will boost OREC’s portfolio to 13 sites. Since 2012, OREC has raised $3.5 million in share offerings, growing to 410 members, and paying dividends every year.