The Community Power Fund
www.cpfund.ca: Toronto - September 17, 2007
$3 million for community groups pursuing renewable energy in Ontario
The Community Power Fund has launched today a new $3 million fund to support community-owned renewable energy projects in Ontario. This fund is the first of its kind in Canada.
Eligible renewable energy projects include those involving wind, solar photovoltaic and solar thermal, small-scale hydro, geothermal and biogas technologies. Incorporated groups, including farmers, First Nations and community groups, can apply.
The fund is operating two grant programs. The first is a Small Grant Program for feasibility studies and strategic opportunity exploration. Eligible applicants may receive up to $25,000 toward their projects. The second is a Large Grant Program to support project development, with the possibility of up to $300,000 in funding.
"I am delighted that there is now a financial mechanism to support the start up and development of community-based renewable energy projects," says Deborah Doncaster, Executive Director of the Community Power Fund. "We look forward to receiving some robust proposals."
Ms Doncaster, formerly the Executive Director of the Ontario Sustainable Energy Association, is the driving force behind the creation of this fund.
The Community Power Fund's original endowment was advanced in March 2007 from the Ontario Government in the amount of $3 million.
"We appreciate the vision of the provincial government in endowing the start up dollars for community power development," says Joyce McLean, Chair of the Community Power Fund.
The intention of the fund is to attract additional capital in order to transition the fund into a long-term, sustainable financial organization that provides a combination of grants, loans and investment opportunities.
"Communities are great incubators of sustainable concepts. The Community Power Fund can now help turn those concepts into reality," says Dr. David Suzuki, Chair of the David Suzuki Foundation. "This groundbreaking Community Power Fund is a small step to a more sustainable future. Let's hope it inspires similar funds to reward ecological ingenuity and renewable energy projects."
Details about the Community Power Fund's programs can be found at www.cpfund.ca.
The Community Power Fund's mission is to provide financial and technical support to communities working to develop, build and own renewable energy projects. The Fund is grateful to the Government of Ontario for their efforts to support Community Power both in terms of the Fund and Ontario's Renewable Energy Standard Offer Program.
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