Energy co-op plans another solar rooftop

Energy co-op plans another solar rooftop project at high school

The Ottawa Renewable Energy Co-op has is looking for $1.25 million from investors for two solar rooftop projects. The co-op’s latest project, its seventh in Ottawa, is a 75 kilowatt installation on the roof of Samuel Genest high school in Overbrook. OREC plans to increase ownership shares in an existing project on a warehouse roof in West Carleton.

OREC’s first share offering raised nearly $1 million in under three months last summer.

“Last time we did a handful of smaller projects for around $1 million, but this time we decided to focus on larger projects that produce more power and tend to have a greater profit margin,” Janice Ashworth, the group’s operations manager, said in a news release. “We think the project at Samuel

Genest is an especially great opportunity to engage with teachers, students, and parents about sustainable energy.”

Investment is open to all Ottawa residents. OREC shares have 20 year terms, are RR SPeligible, and target a five per cent dividend annually plus return of capital over time.

Compared to a mutual fund where individual investors have little control, a co-op means every investor becomes a member and has a vote in decisions that affect operations and investments.

“Co-ops put peoples’ values first,” Ashworth said, because they “benefit the wider community as well as our members. They merge environmental sustainability and community strength – two key challenges of our time. Our members appreciate knowing that they have a say in their long-term investments.”

Information on the share offering can be found at OttawaRenewableEnergyCoop.ca. or by contacting Ashworth at 613-748-3001 x.240, or at Janice.ashworth@

OttawaRenewableEnergyCoop.ca

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