Akuo invites EU citizens to invest in its solar power project in Greece

Akuo invites EU citizens invest solar power project Greece Thessaly

Photo: Akuo


July 3, 2024




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July 3, 2024




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Citizens and firms can buy four-year green bonds for refinancing Akuo Energy’s solar park in Thessaly. The fixed interest rate is 6.5%.

Akuo Energy introduced its crowdfunding model in Greece. It is looking to raise between EUR 1 million and EUR 4 million to refinance its Thessaly solar park of 4 MW in peak capacity, commissioned last year. The call is open to citizens and businesses across the European Union.

The investment is in the form of four-year bonds maturing in November 2028. Reservations are available until July 9, after which the participants can submit their offers.

The fixed interest rate is 6.5%. A bondholder that invested EUR 1,000 would receive EUR 32.5 every six months and get the initial investment back at the end of the period. Altogether, the sum amounts to EUR 1,260.

A participant that invests EUR 1,000 is set to receive EUR 32.5 every six months and a total of EUR 1,260 in four years

Citizens and firms can apply through AkuoCoop at the Lendosphere platform. Individual investments are unlimited. More than EUR 120,000 worth of bonds have been reserved in just two days.

The solar park of four equal units – Tsairia, Zappeio 1024, Zappeio 1008 and Foniades – was fully financed by Akuo Energy Greece. It is located in Larissa municipality in the region of Thessaly. The photovoltaic facilities consist of bifacial solar panels and span eight hectares.

The funding is provided to the group parent, Paris-based Akuo Energy. The project firm is called Thessaly Energy Solar.

Akuo is targeting 500 MW of solar power in Thessaly

Investors will be partially reimbursed through the revenues generated by the plants, as well as through refinancing at the end of the crowdfunding investment period, the company said. The combined annual output is estimated at 6.3 GWh, with projected operating cash flows during the investment period ranging between EUR 273,000 and EUR 384,000 per year.

The electricity produced is sold directly on the spot market. The company earlier said it is looking to build 500 MW of solar power capacity in cooperation with the regional authority.

“We want citizens to become participants and not to remain spectators in the energy transition,” said Akuo Energy Greece’s Chief Executive Officer Kostas Andriosopoulos.

Deputy Minister of Environment and Energy Alexandra Sdoukou pointed out that Thessaly was struck by a natural disaster a year ago. Crowdfunding is an inclusive tool bringing benefits to communities in a less bureaucratic way than other forms of financing, she opined. The ministry is considering new financial tools such as equity financing and green bonds for energy savings as well, Sdoukou revealed.

French company so far raised more than EUR 12 million in 22 crowdfunding campaigns

Akuo Energy has run 22 crowdfunding campaigns since 2017 for renewable energy projects, mostly solar power. It got 1,300 investors on board and raised more than EUR 12 million.

The company has raised funds for investments in France, New Caledonia, Mali and Senegal. A few projects were for biomass, hydropower and wind power.

With its partner Spyropoulos, in 2022 Akuo launched GEARS (Green Energy Aggregator Services) for solar power producers in Greece. The venture currently aggregates more than 55 MW, the company said.

At the end of March, Akuo had a total capacity of 1.8 GW in operation or under construction and a project portfolio of over 20 GW.

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