Nov. 5, 2015
FOR IMMEDIATE RELEASE
OREC receives Halloween treat of $1.5 million in solar capital
OTTAWA – Today, the Ottawa Renewable Energy Co-operative (OREC) announced it has achieved its goal of raising $1.5 million over the course of its fourth share offering in order to finance solar rooftop installations across Eastern Ontario. During the final days of the offering, OREC members flooded the co-op’s office to invest in community-owned solar projects through their RRSPs and TFSAs, or by purchasing preference shares or member investment notes before the Halloween deadline.
“The sheer amount of people who came through our door during the last week of the offering was simply astounding,” said OREC Operations Manager Janice Ashworth. “To put it in perspective, we raised $1 million over the course of the last week of October. This shows the demand for environmentally and socially responsible investments is on the rise across Eastern Ontario. It also proves that the shift toward a green economy is taking place in our own backyard.”
Since 2012, OREC has raised over $5 million from local investors during four share offerings, built 1 megawatt of renewable energy generation, and grown to 481 members. The capital raised through the most recent offering will be used to finance the co-op’s six latest community-owned solar rooftop projects.
Some of OREC’s past projects include Ottawa’s 1,000th solar installation on the rooftop of Maurice Lapointe high school in Kanata, 100 and 150 kilowatt projects on Franco Cité and Franco Ouest high schools, a 50 kilowatt project at the site of Manotick’s Third World Bazaar, a 75 kilowatt project on a riding stable in Dunrobin, and the co-op’s largest project to date – a 400 kilowatt installation on the rooftop of Hovey Industries manufacturing facilities in Gloucester.
Over the next year, OREC will continue to make its successful co-op model available to residents of Eastern Ontario to invest in local renewable energy initiatives, and will continue growing its portfolio of 100 per cent community-owned green energy projects across the region.
Janice Ashworth, Operations Manager, OREC