Genervest: Successful financing of the first participatory solar energy park in Athens

The Yperion energy community is officially the first energy community of citizens in Athens that will produce its own solar energy for self-consumption, significantly reducing electricity bills. Part of the cost of the project – for those households in need of financing – was covered by a loan provided by about 20 fellow citizens through the Genervest participatory financing platform. Following the example of Yperion, Minoan Energeiaki, the largest energy community in Crete, chose Genervest to finance its first project: a 405 kW photovoltaic park that will meet the energy needs of its first 100 members.

One of the main objectives of Genervest – a Greenpeace initiative – is to facilitate the financing of energy communities for virtual energy offset, projects which are excluded from the perspective of bank financing due to the specificities of this technology.

“Tomorrow’s energy system must prioritize social inclusion and -substantial- environmental sustainability, not seamless profitability. Genervest is a tool to support projects that meet these criteria, such as YPERION, “said Christos Brettos, a founding member of EKIN YPERION.

“We want to thank our approximately 20 fellow citizens and the social organizations that helped with their contribution to the successful financing of Yperion. We invite those who are interested in supporting the socially fair and participatory development of RES, to enter the Genervest platform and to investigate the possibility of investing in some of the offered projects,” said Takis Grigoriou, responsible for compliance issues at Genevest.

“Energy democracy in action. Real green projects of citizens, such as Yperion, are progressing thanks to the support of society, with both sides co-creating the foundations for a new sustainable investment and energy system. We wish good luck to the rest of the projects, so that everyone can ensure the possibility of becoming part of the fair energy transition, ” said Sandy Fameliari, Climate Change and Energy Program Manager at Greenpeace’s Greek office.

On the occasion of the announcement of the successful financing of Yperion, the Minoan Energy Community takes up the baton in the investment platform of Genervest with the first participatory project for virtual self-production, a photovoltaic park producing 405kW of power. This park is part of the wider planned portfolio of Minoan, concerns only virtual self-production and the generated energy will meet the electricity needs of about 100 households and small businesses.

“After the great financial crisis that continued with the health crisis, most of our members find it difficult to meet their energy needs. “With the help they will receive through the projects planned by the Community, households will be relieved and many businesses will become sustainable, especially those in which energy costs are very high.” stressed Charalambos Giannopoulos, president of EKOIN Minoa.