Two non-profits team up for new solar project
GreenSaver and the SolarShare Co-operative have signed an agreement to develop a solar project on the rooftop of 32 Goodmark Place in Toronto. Both partners are not-for-profit corporations and the unique nature of this solar development is that it will be financed by Community Solar Bonds, allowing Ontarians to directly participate and invest in renewable energy. This is the first such project to be built in the City of Toronto. The GreenSaver and SolarShare partnership has an additional 1,100 kW in solar projects currently awaiting Ontario Power Authority approval.
“The idea of having two non-profit corporations building renewable energy by using community bonds allows ordinary Ontarians to invest, own and control their sustainable future,” said GreenSaver president and CEO, Vladan M. Veljovic.
Karl H. Seeh, Chair of the Board of Directors at 32 Goodmark Place said, “We are proud to have the first solar bond project in Toronto at our building. Everybody was made to feel at ease in working with GreenSaver and SolarShare, and the project will help us to generate some badly needed revenue.”
Incorporated in January 2010, SolarShare is a not-for-profit co-operative formed by TREC Renewable Energy Co-operative to develop solar power projects across Ontario by offering securities in the form of bonds to Ontario residents and businesses to invest in its solar project portfolio. Now with almost 470 members, SolarShare has 19 projects (over 780 kW) in operation, and plans are in place to form an alliance with Bullfrog Power.