May 31 (Renewables Now) - Spanish renewable power retailer Holaluz and crowdfunding platform Fundeen have agreed to jointly push for the development of solar photovoltaic (PV) projects of up to 75 MW in total over the next three years.
According to Holaluz, Fundeen will offer yet-to-be-built PV projects on its platform so that interested citizens can fund their construction, with contributions starting at EUR 500 (USD 557.4) The retailer’s side of the deal will be to buy the output of the crowdfunded projects under the power purchase agreement (PPA) model. Holaluz will also act as the projects’ market representative.
Founded in 2017, Fundeen offers only environmentally sustainable projects to citizen-investors who can contribute with a minimum amount of EUR 500. So far, it has raised EUR 170,850 through its equity crowdfunding efforts. The financing helped develop two solar farms, the Calanova project in Spain and Soleil de Quillan in France.
(EUR 1.0 = USD 1.11)