Italy: first solar park financed by citizen participation
The town of Poggio Renatico, located near Ferrara in Italy, has inaugurated its first solar power plant thanks to the active contribution of citizens.
| Sectors | Solar Energy, Photovoltaic |
|---|---|
| Themes | Investments & Transactions, Project Development, Financing |
| Countries | Italy |
A solar park financed by citizen participation was inaugurated on March 24, in Poggio Renatico, near Ferrara, Italy. This is the Malvezzi – Fornasini Foundation solar park, an innovative project since it is the first plant built in Italy with the active participation of citizens. Through the Renewable Choice crowdfunding campaign, the companies and the community have created shared value by realizing this exemplary citizen initiative.
The first Italian solar park financed by citizen participation
The Malvezzi Solar Park – Fornasini Foundation is the first project to be implemented under the Renewable Choice (Scelta Rinnovabile) program. This program aims to raise awareness of the energy transition by inviting people to participate in the construction of renewable energy plants while enjoying the financial benefits that come with it. Crowdfunding is a means of financing that allows all citizens to participate financially in the project by recouping their initial investment and receiving a fixed annual economic return for the duration of the initiative.
A record-breaking citizen fundraising campaign
The Renewable Choice initiative in Italy and the citizen participation in the solar park has been a real success since its launch. During the first 15 days of the campaign, the people of Poggio Renatico had reserved the investment, and they quickly reached the fundraising goal of 100,000 euros. Then, they opened the participatory financing to all citizens, one month before the planned date, and they raised the ceiling for fundraising to 200,000 euros. The figure was reached on the first day that all citizens had access to the investment.
A positive social and environmental impact
The Malvezzi – Fornasini Foundation solar park has a clean energy production capacity of nearly 25 GWh per year, avoiding approximately 11,000 tons of CO2 emissions annually. This project accelerates the energy transition while having a positive social impact on the local community. In fact, the residents of the municipality of Poggio Renatico have been granted an exclusive period to participate in the participatory financing campaign, as well as particularly advantageous economic conditions.
In conclusion, the Malvezzi – Fornasini Foundation solar park is a successful example of a citizen initiative for clean energy. Through Renewable Choice, citizens can actively participate in the energy transition by investing in local renewable energy projects. This model of shared value creation between companies and the local community is an effective way to contribute to the fight against climate change.
