Oct. 1, 2015
FOR IMMEDIATE RELEASE
Local solar projects spark international interest
OTTAWA – Today, representatives from the Thai embassy were given a tour of a 50 kilowatt solar project installed at the site of Ottawa’s Third World Bazaar – which opens for the season on Saturday, Oct. 3 – in Ottawa’s rural community of Manotick Station. In attendance were Deputy Director General of North American and South Pacific Affairs Mrs. Pattrawan Vechasart, as well as several Thai embassy officers and representatives. 100 per cent owned by Ottawa residents through the Ottawa Renewable Energy Coop (OREC)’s community-based business model, the solar project will generate 57,677 kilowatt hours per year, amounting to $19,895 annually over the project’s 20-year Feed-In-Tariff (FIT) contract.
After viewing the facility, the Thai representatives were then taken to OREC’s largest project to date, a 400 kilowatt installation on the rooftop of Hovey Industries manufacturing facilities in Gloucester. This project, which went online July 2, will generate 438,430 kilowatt hours per year, earning the co-op $144,260 annually during its FIT contract.
“I was honoured to be approached by the Thai embassy,” said OREC president Dick Bakker. “Their request to see our projects demonstrates that interest in community ownership and the green economy is prominent on the global stage.”
Since 2012, OREC has raised $4 million during three securities offerings, built 13 solar projects, grown to 450 members, and paid dividends each year. From now until Oct. 31, OREC is seeking to raise an additional $1.7 million in order to finance its six latest community-owned solar rooftop projects through its fourth securities offering. With this current offering, OREC continues to make its successful co-op model available to residents of Eastern Ontario to invest in local renewable energy initiatives.
Janice Ashworth, Operations Manager, OREC