Crowdfunding campaign launched for financing of solar park construction

Coop solar park in Rae Municipality, outside of Tallinn.
Coop solar park in Rae Municipality, outside of Tallinn. Source: (Kairit Leibold/ERR)

Solarfund has launched a crowdfunding campaign that opens up an opportunity for everyone to invest in Estonia's first solar park owned by the people.

So far, few have had access to the land and technology needed to produce solar energy. Moreover, the production of solar energy is also too expensive or complicated for an individual. However, working together to build a larger solar park is a very realistic and profitable activity, which is why Solarfund was created - a renewable energy producer with a broad circle of owners, which can also be joined by small investors, Solarfund said.

"Over the years, solar technology has become more reliable, efficient and accessible, making it a viable way to generate electricity," Solarfund partner and founder Jaak Urm said in a press release. "I am confident that Solarfund has found its place under the sun and brings together a community of people who will experience the profitability of solar energy production and, as an added value, gain the knowledge that they have contributed to a better living environment through their investment," he added.

With an investment, it will be possible to buy a profitable part of the solar park and thereby contribute to renewable energy and a cleaner environment. The crowdfunding campaign for the first solar park of the people is taking place via the Fundwise platform.

Solarfund OÜ is to build a solar park on a property leased or purchased from a landowner and sell the electricity produced in it. The park is estimated to have a life expectancy of more than 30 years and it will start generating positive cash flow from the moment it is launched. Developments of solar energy projects are planned to be carried out in stages, and an approximately 1.5-megawatt energy portfolio is to be established in the first stage.

Ülari Niinemägi, the anchor investor leading the Solarfund crowdfunding campaign, said that it may seem in the context of the coronavirus crisis that the issues of green energy and a sustainable economy are somehow sinking into the background, but that is definitely not the case.

"If anything, this crisis period should make us think more about our daily consumption habits and their environmental impact," Niinemägi said. "On the other hand, we need to think about how, as a society, we can ensure that we have electricity even in the face of a sudden crisis. Wind and sun are not disturbed by economic crises or epidemics, and the widest possible range of energy production will ensure our security of supply," he added.

Fundwise management board member Henri Laupmaa said that renewable energy is playing an increasingly important role in our energy production.

"The Solarfund solar park, with its capacity, is important for us to be able to reduce our dependence on fossil energy, but at the same time, it is primarily a high-potential source of income that all small investors can benefit from," Laupmaa said, adding that the current situation proves that electricity is needed at any time.


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Editor: Anders Nõmm

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