Renewables

Romanian energy cooperative raising funds from citizens to buy green power supply firm

Romanian energy cooperative raising funds citizens green power supply

Photo: Jose G. Ortega Castro on Unsplash

Published

February 17, 2021

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Published:

February 17, 2021

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Cooperativa de Energie agreed to buy Apuron Energy for EUR 410,000 and said anyone can become a member and invest as little as EUR 102.6 in the project. The first Romanian energy cooperative also plans to enter the solar power plant business.

Members of Cooperativa de Energie committed to cover 16% of the cost for the takeover of green power supplier Apuron Energy in less than a week after the announcement of the call, which lasts 60 days in total. The first Romanian energy community or energy cooperative, founded in October 2019, said the acquisition is the fastest way to start supplying renewable energy.

By signing up, people can invest EUR 102.3 or more in the business in the form of a loan. They are entitled to a 3.7% interest for just one year or 5.2% per year over five years. The tax is 10%.

Members can become customers of energy cooperative

Cooperativa de Energie said it would purchase Apuron Energy for EUR 410,000. The target entity buys long-term supply contracts and sells power to consumers. Members will also be able to switch to the cooperative, in line with national rules that were introduced for households at the beginning of the year, and get renewable electricity with guarantees of origin.

The investment is in the form of a one- or five-year loan

Bucharest-based Apuron Energy currently has 150 customers, mainly small and medium-sized enterprises, and supplies them with 40 GWh per year. The cooperative said it would become the first supplier of renewable energy that is 100% certified after the transaction is completed.

Apuron Energy operates within German-owned Apuron’s subsidiary. The firm operates a solar power plant in Mavrodin in Romania.

Cooperativa de Energie will buy, build green power plants

Cooperativa de Energie had more than three hundred members before the campaign started. Its board is made up of its founding members. The energy community revealed it intends to buy solar parks and build facilities for the production of electricity from renewable sources to cover all the power demand of its customers.

Guarantees of origin are electronic documents issued to renewable electricity producers for the output that they deliver to the national grid.

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