Tiverton Takes Flight: OREC Secures 100% Ownership of Key Wind Energy Site
- Marion Siekierski
- 2 hours ago
- 3 min read
We have some electrifying news!
OREC is thrilled to announce the final closure of the deal to acquire the second half of our 2.3 MW Tiverton wind turbine, one of our key clean energy assets. OREC first acquired a 50% stake in the project in 2021. This consolidation is a huge step forward for our co-op, our member investors, and our collective commitment to a greener grid.
With this deal, OREC now completely owns two wind sites in our portfolio: Tiverton and our 800 kW Zurich turbine (see our sites). This strategic move is more than just paperwork—it’s a power-up for our operations and a vote of confidence in our future.
More Power, Better Performance
For our investors and the grid, this deal offers immediate, tangible benefits:
A 24% Capacity Boost: The acquisition immediately adds 1.15 MW of clean, renewable generation capacity to OREC’s portfolio. We’re not just growing; we’re scaling our impact on the provincial power supply. Tiverton now generates 36% of OREC's total renewable energy.
Accelerated Revenue: Moving to full ownership greatly streamlines the management of the operation (see our Tiverton production report). By consolidating ownership, we can now accelerate the revenue stream flowing directly from the site back to OREC’s dedicated member investors.
Operational Simplicity: Full ownership eliminates the complexities of a 50/50 partnership, allowing OREC to implement best practices faster and more efficiently, which promises better returns for our investors.
Diversification for a Stable Future
Renewable energy is a year-round commitment, and this project helps us ensure our portfolio reflects that. Tiverton is a key strategic asset that further diversifies OREC’s portfolio away from predominantly summer-intensive solar sites. Wind power provides reliable generation throughout the year, especially in the winter months, helping us maximize returns and stability for our members.
More critically, this acquisition positions OREC for further wind projects on the shore of Lake Huron—a known powerhouse for wind energy. With Tiverton fully under the OREC umbrella, we are perfectly aligned to pursue new and bigger opportunities in the area. Furthermore, the upcoming Local Generation Program (LGP) ensures this resource is lined up to generate dependable, long-term revenue for years to come.
Teamwork Behind the Turbine
A complex project like this is truly a collaborative effort. We want to extend a huge shout-out to the partners who were instrumental in bringing this agreement to a successful close:
Graham Findlay and Ronald Benn: Graham and Ron were instrumental in the conception and execution of this important transaction. Both are longstanding OREC Board Directors and, over the last 4 years, have been our designates on Tiverton's limited partnership Board as well.
Chris Gerhardt (Principal, The Redstone Company): Our primary negotiator, project lead, and chief cat-herder, Chris’s expertise in renewable energy acquisitions guided this complex agreement to the finish line.
Fatema Jivaji (FJ Legal): Our legal partner who worked side-by-side with us, navigating the intricate details of the share transfer with precision.
Doug Proska & the EnerFORGE / Oshawa Power Team: Our partners for the last four years, whose collaboration and support enabled OREC to transition to full ownership of the turbine.
The OREC Board: For their diligent oversight and commitment to ensuring maximum value for every OREC member investor.
This is a win for clean energy, a win for efficient operations, and a major win for every OREC member investor. We look forward to realizing the full potential of the Tiverton site and continuing to build a bright, progressive future for community-owned renewable energy.
OREC is committed to building a sustainable future, one community-owned project at a time. Learn more about becoming a member and investing in our next project.
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