The Oxford Community Energy Co-operative (OCEC) has raised more than C$2 million in two weeks to support funding for the Gunn's Hill wind farm, located in Oxford, Ontario.
The 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. The co-op's goal is to create a more environmentally sustainable community without the need to compromise its stated objective for profit potential.
Construction on the project is expected to begin in late fall 2014, according to Juan Anderson, vice president of Prowind Canada, which is helping to develop the project.
According to the OCEC, project milestones include:
- Obtaining a feed-in tariff contract in July 2011;
- Passing Ontario's Renewable Energy Approval process; and
- Signing a turbine supply and maintenance agreements with Senvion, which will supply blades for the project from its Welland, Ontario-based manufacturing facility.
‘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.
The co-op seeks to raise an additional C$7 million in equity capital by September.
