PRESS RELEASE – April 15, 2014
Co-ops preference shares selling out quickly for renewable energy and local food
OTTAWA—The Ottawa Renewable Energy Co-op and the West End Well Co-op, Ottawa’s latest impact investing options, have seen quick uptake of their preference shares, demonstrating demand amongst Ottawans for local, green investment opportunities.
The Ottawa Renewable Energy Co-op (OREC) is investing in solar panel projects on rooftops around Ottawa, with their latest showcase project on Samuel Genest School. The West End Well’s business proposition involves a local food hub in Hintonburg. Both co-operatives’ shares are RRSP eligible, which has stimulated a great deal of interest from investors.
Since launching its second share offering in November, OREC has raised over $1 million in investment from over 90 individuals. Their offering caps out at $1.25 million, so interested investors are advised to act quickly. An information session is being held on Tuesday, April 29th at 251 Bank St, Second Floor. This is OREC’s second share offering; the first one in 2012 also raised $1 million and to date investors have seen dividends. More details are at OttawaRenewableEnergyCoop.ca.
The West End Well Co-op launched its share offering just over 2 weeks ago and has raised half of its targeted $400,000 already. The West End Well will soon be opening in Hintonburg and envisions cultivating “nourishment for a change.” The neighborhood hub (at 969 Wellington St. West) will house a local, organic grocery store and café, as well as space for meetings, workshops, and entertainment.
For those interested in investing in the West End Well, an information session will be held tonight, April 15, at the Hintonburg Community Centre from 7-9 pm. Go to westendwell.ca to find out about other upcoming events, becoming a member, and buying preference shares.
Janice Ashworth, OREC Operations Manager says, “Internationally, interest in impact investment opportunities is increasing by leaps and bounds. People realize that the ‘system’ is failing us, both environmentally and socially. They realize that they can do something about it by investing in businesses with a social cause, while also saving for their retirement.”