The photovoltaic project developer announced that it has raised EUR 10 million through crowdfunding in 2019, exceeding its annual target by 20%.
In France in 2019, Urbasolar launched over 25 crowdfunding campaigns in twenty départements. This approach saw the project developer raising EUR 10 million, enabling it to fund a number of PV installations such as solar power stations, photovoltaic canopies in parking areas, and installations on buildings and greenhouses.
The amount raised exceeded its annual target for 2019 by 20%, the Group says, adding that it has therefore rolled out raising finance via crowdfunding to practically all its projects.
“Inviting citizens to grow their savings by taking a stake in the energy transition generated a 60% increase in crowdfunding engagement in 2019, compared to the previous year”, the project developer said.
Urbasolar explained that it has conducted its campaigns as locally as possible, targeting those living in the vicinity of the solar power stations, and employees working at the sites set to be kitted out. The Group emphasizes that “dedicated fundraising was therefore organized locally, in order to facilitate ownership of the projects by the various local populations. Tailor-made financing initiatives were put together, in order to allow local actors to optimize their share of the economic benefits of these projects. ”
Urbasolar operates a generating capacity of 350 MW, comprising close on 500 solar power stations in France and internationally. The Group also announced that it has been declared the bid winner for 750 MW of capacity via solar power stations, PV canopies in parking areas and roof and greenhouse installations. Under tenders awarded by the French Energy Regulation Commission (Commission de régulation de l’Énergie, CRE), this will total a capacity of over 500 MW to be installed over the next two years. Urbasolar, which was acquired by the Swiss group Axpo in May 2019, has also concluded a PPA (power purchase agreement) with the ADP Group, which manages the airports at Paris-Charles-de-Gaulle, Orly and Le Bourget.
Source: PV magazine
Photo: Faux solar power station – © Commune de Faux local authority