Issuers & Bonds / SolarShare / 2025 Solar Bonds
TREC SolarShare Co-operative (No. 1) Inc. · Ontario, Canada
Not Rated No ImpactBonds credit classification has been assigned to this security.
Offering Statement date: September 1, 2025 · Valid Until: May 31, 2026. The latter does not establish present availability.
SolarShare says it was established for democratically controlled community ownership of solar generation. It states that surplus remaining after debt obligations would support further renewable projects and education. The latter is a proposed use, not an outcome verified here. [OS, pp. 1, 16, 42]
ImpactBonds has not independently measured these outcomes.
Eligible purchasers: Ontario residents; individuals must join the co-operative. Organizations and corporations may buy bonds without membership.
The terms above describe what this statement permits. Dated evidence of availability and actual issuance is recorded separately below.
The issuer reports 51 operating solar projects earning revenue from long-term Feed-in Tariff or microFIT electricity contracts. It describes projects held directly, through CSA 1–5 subsidiaries and through majority interests in two joint ventures. Financing and security arrangements differ among those entities. [OS, pp. 20–29, 36, 50]
The statement says proceeds will primarily refinance maturing debt, including existing Solar Bonds. It also permits development or acquisition of solar and ancillary electric services. The $18 million figure is the maximum authorized under this statement, not an amount already raised. [OS, p. 1]
The statement reports $36.70 million in older Solar Bonds outstanding at December 31, 2024. That stock of prior debt is separate from the new maximum authorization. [OS, pp. 1, 69–71]
The statement itself defines 54 bond types across terms of two to seven years and annual simple interest from 2% to 6%. These are authorized possibilities. The list does not establish which types SolarShare chose to market or issue. [OS, pp. 1, 58, 63–65]
The statement does not identify the types actually marketed at every point in the offering period. That question needs a dated campaign notice or other direct availability evidence.
The pre-offering schedule of outstanding debt is not a sales report for the new offering. Issuance by type requires a separate reliable record after sale.
An evidence gap in the latter two categories does not establish that a type was unavailable or unsold.
Interest on direct or non-registered bonds is generally paid every six months. The issuer may prepay principal with accrued interest without penalty. A transfer needs board consent and a $50 fee; the statement describes no established resale market. It permits principal repayment to be postponed beyond maturity while interest continues to accrue. [OS, pp. 62–68]
The statement describes charges over specified project site leases and two land parcels, security interests in specified solar assets, and SolarShare’s interests in two joint ventures. MicroFIT contracts themselves are excluded from assignment. Some project senior lenders have claims ahead of bondholders in their respective entities. The statement does not provide an independent market recovery value for the pledged property. [OS, pp. 50, 58–60, Schedule B]
The issuer describes 20-year site leases intended to protect property rights over electricity contracts. Schedule R lists project contract expiries from 2031 through 2037, without tabulating every lease expiry beside the project contract. The statement identifies generation variability, equipment upkeep, FIT conditions, membership requirements and refinancing as possible risks. [OS, pp. 50–56, 76, Schedule R]
Schedule E includes audited 2024 financial statements and 2023 comparatives; Schedule F includes June 2025 interim figures; Schedule A presents projections. The 2024 audited statements report $6.74 million in generation revenue and $2.72 million in cash from operating activities. A forecast is not an audited result. [OS, Schedules A, E and F]
Related terms: bullet maturity · secured debt · senior debt · refinancing risk · collateral.
Not Rated · AI-generated document summary · No human analyst review or issuer contact. A standardized account of the disclosed financials, debt, security, contracts, projections and issuer risk factors.
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No analyst assessment has been completed for this security. A completed report would include its classification, evidence analysis and rationale.
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Primary document: September 2025 receipted Offering Statement (PDF) ↗. This page describes a dated Offering Statement and its appendices. It attributes business statements, forecasts and risk factors to the issuer. Subsequent events are not silently imported into the historical account.
Evidence limit: Permitted terms, actual availability and issued amounts are distinct observations. A document missing from a supplied PDF does not establish that it did not exist elsewhere or that the issuer refused to supply it. This public record contains no analyst repayment judgment, independently verified collateral valuation or estimate of recovery.