WOODSTOCK, ON, July 8, 2014 /CNW/ - Proven support and a "first" in Ontario - Oxford Community Energy Co-operative raises over $2M in 2 weeks from farmers and residents and business.
On September 17 2013 the Oxford Community Energy Co-operative Inc. (OCEC) was incorporated as a 'For-Profit Co-operative with Share Capital' and established its head office in Woodstock, ON. A Board of Directors was inaugurated on September 19, 2013 and the co-op became fully operational.
The milestones achieved by the project partners include:
- FIT 1.5 contract secured in July 2011.
- Renewable Energy Approval submitted and deemed complete.
- OCEC incorporated and Board of Directors established.
- 72 members from Oxford County and beyond recruited.
- Gunn's Hill Windfarm Limited Partnership agreement between OCEC and Prowind Canada Inc. signed.
- Turbine supply and maintenance agreements signed with Senvion, and international company with a blade manufacturing facility located in Welland Ontario.
- Offering Statement receipted by Financial Services Commission for the sales of preference shares and bonds on May 15, 2014.
We are now proud to announce that we have completed the first phase with an initial contribution of $2,000,000 raised in 2 weeks from farmers and residents and business. This is a "first" for Ontario:
- First community-owned co-operative wind project (49% target) under the Feed-in-Tariff,
- First, receipted Offering Statement for a partnership wind project,
- First in raising the initial capital for the wind project in record time,
"This project creates opportunity for investment, contributing to a more integrated energy system in Oxford County and bringing local residents together to act in a more coordinated fashion to address environmental issues." says Helmut Schneider, President of the Co-operative and a resident of Norwich Township.
Construction on the project is expected to begin in late fall of 2014. Juan Anderson, VP of Prowind Canada indicated, "We are focused on sourcing as much construction services as we can from the local economy."
And now Oxford Community Energy Co-operative will be a "First" to offer residents and businesses of Oxford County and Ontario at large the opportunity to participate in raising an additional $7,000,000 in equity capital between now and Sept 2014 for a wind project at competitive rates of return.
For more information on the Oxford Community Energy Co-operative Inc., Oxford residents and businesses are invited to an investment information session on July 17th 7:00 pm at the Woodstock Museum on 466 Dundas St, Woodstock
The media is invited to attend a Press Conference to be held 10:00 am July 10 in Oxford Center. Please follow this link for more details and to register
About Oxford Community Energy Co-operative Inc.
Oxford Community Energy Co-operative Inc. (OCEC) is a renewable energy cooperative established in response to the Green Energy and Green Economy Act. It offers Oxford County and Ontario residents an opportunity to become members and investors. We jointly strive to create a more environmentally sustainable community without a need to compromise our investment objective for a good profit potential.
OCEC is a limited partner in the Gunn's Hill Windfarm Limited Partnership (LP). The LP will hold a FIT version 1.5 contract for 18 MW of Class 4 wind energy generation to own and operate the Gunn's Hill Windfarm. Under this contract the LP will feed-in and sell the electricity produced from 10 wind turbines to the Ontario Power Authority (OPA) for a fixed price per kWh and a term of 20 years.
Image with caption: "Oxford Community Energy Co-operative (CNW Group/Oxford Community Energy Co-operative Inc.)". Image available at: http://photos.newswire.ca/images/download/20140708_C3947_PHOTO_EN_4153.jpg
SOURCE: Oxford Community Energy Co-operative Inc.