CrowdFundRES – Unleashing the potential of Crowdfunding for Financing Renewable Energy Projects
Funding Programme: Horizon 2020
Duration: February 2015 – January 2018
Description: One of the reasons for the deceleration of the development of renewable energy in Europe is the difficulty to finance certain types of projects. Reduced access to conventional financing options has triggered innovative financing schemes to emerge, with crowdfunding attracting a lot of attention. The objective of the project was to contribute to the acceleration of the renewable energy growth in Europe by unleashing the potential of crowdfunding for financing renewable energy projects.
The project has been developed for and in cooperation with three important target groups such as renewable energy project developers whose access to financing is getting more challenging, the general public having an interest in investing even very small amounts of their savings in renewable energy projects and crowdfunding platforms who act as intermediaries facilitating the financial transaction between the public and the project developers.
ECN’s role: ECN has produced and disseminated an online survey addressing platforms aimed at identifying, grouping and prioritizing the hurdles that they face when dealing with renewable energy projects. In addition, ECN has coordinated the project’s activities aimed to review and update crowdfunding regulations and market developments, and to quantify the characteristics of economic agents’ decisions, by organising European-wide workshops joining together platforms and developers as well as developing guidelines and recommendations on RES crowdfunding initiatives in national and international contexts and possible regulatory and market framework improvements for crowdfunding RES projects.
- Deep understanding of the public’s perception of crowdfunding
- Analysis of the challenges faced by the application of crowdfunding for renewable energy projects in Europe
- Guidelines that support easier, more effective and wider accepted practices in crowdfunding renewable energy projects
- Application of guidelines and review based on practical experience
- Improved market and regulatory framework
- Promotion of the crowdfunding concept and its advantages among those who could contribute or raise funds