OREC Targets $1.25M with Second Share Offering

FOR IMMEDIATE RELEASE

Wednesday, November 13, 2013

OREC Targets $1.25m with Second Share Offering
Projects include new 75kW solar installation on local high school

OTTAWA—The Ottawa Renewable Energy Co-op launches its second shareholder offering today and is seeking to raise $1.25 million to invest in two local solar rooftop projects. The Co-op’s latest project, which will be its seventh in the city, is a 75kW solar rooftop installation on Samuel Genest High School in Overbrook. OREC is also planning to increasing ownership shares in an existing solar project on the roof of a storage facility in West Carleton.

OREC’s first preference 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,” says Janice Ashworth, OREC’s Operations Manager. “We think the project at Samuel Genest [High School] is an especially great opportunity to engage with teachers, students, and their parents about sustainable energy.”

Investment in preference shares is open to all Ottawa residents. OREC’s preference shares have 20 year terms, are RRSP-eligible, and target a 5 per cent dividend annually plus return of capital over time.

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.

“Co-ops put peoples’ values first,” says Ashworth. “The great thing about our model is that it benefits the wider community as well as our members. It merges environmental sustainability and community strength—two key challenges of our time. With big corporations everywhere, it’s nice to engage with an alternative where you know you have a say.”

OREC expects the share offering to sell out quickly, as it did last year. Those interested are invited to attend one of OREC’s information sessions. The first session is coupled with a beer tasting at Kichessipi Brewery this Thursday, Nov 14.  Following that, OREC will host a project launch at Samuel Genest High School on December 2. Event details and information on the share offering can be found at OttawaRenewableEnergyCoop.ca.

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For more information or to arrange interviews, please contact:

Janice Ashworth, Operations Manager, 613-748-3001 x.240 (work), 613-296-8232 (cell)

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