A brand new way of investment for a world without fossil fuels

A brand new way of investment for a world without fossil fuels

Greenpeace Greece presents Genervest [1], a European Cooperative (SCE) that provides a flexible and just way of financing citizens’ clean energy projects.

A new and innovative way to provide renewable energy (RE) financing and accelerate the energy transition in a socially fair and participatory manner, was announced today by Greenpeace Greece. Genervest, a European Cooperative (SCE) [2].  is a digital platform that gives members the opportunity to invest ethically and socially in renewable energy projects developed by energy communities and other local actors. At www.genervest.org, potential investors – big and small – can choose the projects they are interested in, invest directly and earn market rate returns. By giving the people the power to control how their money is spent when they invest it, Genervest aims to make green financing easy and accessible to all, while helping projects that empower local communities to get access to the funds they need.

The first five selected RE projects hosted on the platform are already live and open to financing. By keeping transaction costs to a minimum, Genervest ensures at the same time competitive interest rates (4 to 6%) to investors and fair payback options to project owners.

Genervest is listed as a European Cooperative (SCE) under the European Commission Council Regulation 1435/2003 “Statute for a European Cooperative Society” with license to operate throughout the European Union. Genervest is currently launching in Greece, a country that has an amazing renewable energy (RE) potential but still imports and burns a lot of fossil fuels. While the platform will soon include more RE and other clean technology projects (e.g. electric mobility projects, building renovations, energy storage etc) from Greece, it’s plans are to gradually expand hosting projects from other European countries and, eventually, other regions of the world.”

As everyone is moving away from fossil fuels to clean energy, we need to ensure that this transition takes place in a participatory and fair way. We, the citizens, must have an active and dynamic role to this, not just remain passive consumers. Genervest does just that, it gives the people the power to democratise the energy sector and get an active role in stopping climate change, either by directly financing clean projects or by pitching their own ones.”, said Nikos Charalambidis, Executive Director of Greenpeace Greece.

Last December Genervest made a public call for expression of interest [3] to select the first RE projects for the platform launch. The selected five are all mature – licensed – projects, [4] created by dynamic people and expected to bring back important social and economic benefits to their local communities.

Representatives from the projects said:

“Atlas Citizens was created in order to facilitate the transition to a more just, people-centered, energy model. Our goal is to connect with the agrifood sector, to reduce energy poverty in mountain areas and empower women through their participation in green energy projects”, said Anastasia Kitsikopoulou, a founding member of the ATLAS CITIZENS energy community.

“The construction of GOOD ENERGY projects brings multiple benefits, both for the environment and society in general, as well as for members and those who invest in it,” said Nektarios Tzortzoglou, a founding member of the GOOD ENERGY community. “An investment in our projects provides investors with an excellent return on their money based on current economic data and fair interest rates, with almost no risk. ”

“The purpose of HYPERION is to bridge financial, social and environmental sustainability. An investment in this project, in addition to being profitable, directly supports our goals for social inclusion and environmental protection, ” said Christos Vrettos, member of HYPERION energy community.

“ENERGY MAZI energy community is a win-win investment for the environment, the local community and those who invest in something safe, clean and long-term!”, pointed out Costas Efthimiou, founding member of  ENERGY MAZI energy community.

“We are excited about the launch of Genervest’s investment platform! This is the best way to actively join the effort to support, through the materialization of our projects, the energy transition of our country towards a fossil fuel-free future.”, stressed Kostis Terzis, founding member of the MES ENERGY energy community.

 

————————————————————————————————————————— For more information:

Takis Grigoriou, Climate & Energy campaigner in Greenpeace Greece, +30 6984 617027

 

Notes to authors

[1] www.genervest.org

[2] Genervest SCE limited is a European Cooperative Society (SCE) regulated under the European Commission Council Regulation No: 1435/2003 Statute for a European Cooperative Society. It does not offer financial services and is not a bank so does not need to be regulated as a financial institution. The cooperative is established in Croatia where financial services are regulated by HANFA, the Croatian Agency for Oversight of Financial Services. Genervestors can make loans and investments by becoming members of the Genervest SCE and investing in the Genervestee investments the cooperative has decided to invest in and listed on its website. More information .

[3] Press Release of 18 December, 2020 (in Greek)

Ενισχύοντας την ενεργειακή δημοκρατία σε καιρό πανδημίας

[4] Genervest ‘s team of experts thoroughly scrutinizes any project available for investment before being hosted on the Genervest platform, ensuring, among other things, that it is a mature investment, has secured all the necessary licenses and a feed-in premium price (for non net-metering projects).