April 9, 2015—Oxford Community Energy Co-op (OCEC) and Prowind Canada Inc., partners in Gunn’s Hill LP, are pleased to announce that our 18 MW Gunn’s Hill Wind Farm in Oxford County has been granted Renewable Energy Approval by the Ontario Ministry of the Environment and Climate Change.
This critical milestone allows the project to move toward construction and has been eagerly anticipated by OCEC‘s growing list of investors. This is the largest renewable energy project with co-operative ownership to gain approval in Ontario, with over $5 million raised through OCEC’s investors to date.
“OCEC has developed a very strong investor community that continues to grow.” Says Helmut Schneider, President of OCEC. “We are enthusiastic that our members have put their trust in the ability of the Oxford Community Energy Co-op to manage this important project. We are confident that we are offering a long term, sustainable project for our community. Investment opportunities in community owned projects that have significant environmental and economic benefits are rare and are sought after by investors.”
Juan Anderson, Vice President of Prowind Canada, adds: “We are pleased to be advancing a project that is supported by a large number of local investors, that will use made-in-Ontario equipment, that will give $500,000 over twenty years back to the community for local projects, and that will power the equivalent of over 6000 homes with renewable energy.”
Alan Dale, Vice President of OCEC states: “The Oxford Community Energy Co-operative offers Renewable Energy investment opportunities in a local project whose costs are known, where revenues are predictable for twenty years, and whose rates of return continue to be some of the highest available in Ontario.“
OCEC is able to own up to 49% of the project and is making its final call for investment. Ten year bonds are offered at 5.5%, twenty year preferred shares projected at 10% return are also available. Interested members of the public are encouraged to visit [www.oxford-cec.ca] and register for our April 16, 2015 investor information session, to be held at the Woodstock Museum, 466 Dundas St, Woodstock, ON.
Construction may begin as early as July 2015. The project is expected to create over 200 jobs during the construction phase and source significant amounts of construction material from local suppliers.
Oxford Community Energy Co-operative Inc. is a renewable energy co-op based in Oxford County with its office in Woodstock, Ontario. The OCEC was specifically developed to invite the local community to own up to 49% of the Gunn’s Hill Wind Farm project and to continue to develop other renewable energy projects in Oxford County in the future. The OCEC presently has membership representing 138 households. The Co-op has sold approximately $5 million in shares and bonds to its members to date, and continues to offer this investment opportunity and receive new investment.
The Prowind Group was established in 2000 by Dairy Farmer and Lawyer Johannes Busmann. It has since completed 23 wind, solar, and biomass projects and developed the 30 MW South Branch Wind Farm in eastern Ontario before transferring to EDP Renewables. Prowind Group’s current portfolio includes wind, solar, and biomass projects in excess of 1000 MW in 8 countries.
Press Contact: OCEC
Director, Media Relations