Guelph Renewable Energy: Green Developments

Second Guelph Renewable Energy Co-operative's Project is Online! 

Both of Guelph Renewable Energy Co-operative (GRECo) projects are now complete.

The 110 kWp structure located at 2 Airpark Place in Guelph came online in July.

Workers constructing the 110 kWp structure at 2 Airspace Park. 
Photo by: Evan Ferrari

The second project, a 300 kWp project at 218 Silvercreek Parkway was completed in October.

The 300 kWp structure at 218 Silvercreek Parkway
Photo by: Evan Ferrari

Thirty-seven $5,000.00 bonds were sold to raise the $185,000.00 needed for construction to begin on the projects.  Promotion of the bonds was only to members of the co-operative and most individuals purchased one bond.  This way, the financial returns from the production on energy on each site will be spread to the maximum number of the people.

Investment Summary: 

Bonds have now sold out for these projects.

A total of $185,000 in co-op equity was required for these projects.  Bonds have a 20-year term. 5% of principal will be paid back annually each year starting at the end of year one. The bonds will pay the following interest on the outstanding principal balance:

Years 1 through 5 - 5.0%
Years 6 through 10 - 7.5%
Years 11 through 15 - 10.0%
Years 16 through 20 - 12.5%

The average return on outstanding principal is 7.26%.  Bonds can be transferred after 5 years provided replacement member equity is available (the stepped interest rate is expected to facilitate future bond transfers.)

Potential Future Investment in City of Guelph Solar Projects.

The City of Guelph and GRECo have entered into discussions regarding the potential investment by GRECo members into solar projects planned for seven City owned buildings.  The City has applied for FIT contracts for the seven projects in the "FIT 4" window.  The contracts will be awarded in spring 2016. 


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Image by ODOT.
Image license.