Community Solar Projects
Options for Green Energy
Since 2009, Options for Green Energy has worked with three renewable energy co-operatives to help bring 14 community solar projects to Ontario communities. The three co-operatives, Queen Street Solar, Green Timiskaming and Guelph Renewable Energy Co-operative have a combined membership of over 450 people. The total capital cost of the projects initiated by these co-operatives exceeds $25 million. All three co-operatives work within a model developed by the Community Wealth Non-profit Corporation that sees surpluses from projects go back into a central fund which is then used to support social enterprise endeavours.
Queen Street Solar and Green Timiskaming co-operatives have recently agreed to join Solarshare, the largest renewable energy co-operative in Ontario. We'd like to thank all the members from those co-operatives for being a part of our program and welcome them to invest in a Solarbond with Solarshre. Solarshare has sold $50 million in RRSP and TFSA eligible community bonds to over 1500 co-operative member/investors.
The proceeds from the sale of the Queen Street and Green Timiskaming assets will go to Community Wealth to pay off loans the co-operatives received. These funds will then be used by Community Wealth to invest in the other projects it is currently working on – construction training and housing for marginalized youth and the development of a fishery on Baffin Island.
Guelph Renewable Energy Co-operative will continue to operate its two solar projects in Guelph.