PayGreen, a Cyprus-based solar portfolio, has officially launched on Crowdbase, allowing EU investors to participate starting from €2,500. This innovative approach aims to enhance the renewable energy landscape in a region where solar potential remains largely untapped despite its favourable climate.
Cyprus: A Solar Powerhouse with Challenges
According to the European Commission’s PVGIS dataset, Cyprus boasts the highest solar irradiance in the European Union. Despite this, the island continues to rely heavily on imported fossil fuels for electricity generation. The launch of PayGreen signifies a pivotal moment for Cyprus, as it seeks to transition to more sustainable energy sources.
Why PayGreen Stands Out
PayGreen is backed by long-term power purchase agreements, selling electricity generated from its rooftop solar installations to various businesses across Cyprus. This model offers a dual advantage: it provides businesses with lower electricity costs than grid prices while simultaneously facilitating investments in renewable energy. The initiative aims to alleviate the financial burden on companies that currently face some of the highest electricity costs in Europe.
A Model for Sustainable Energy
EnergyIntel, the firm behind PayGreen, was established in Cyprus in 2006 and has since expanded to a team of approximately 50 professionals focused on renewable energy development, financing, and asset management. PayGreen operates as the company’s commercial solar division, through a dedicated special purpose vehicle (M.A.X.X. Energy GR Ltd). This entity manages the ownership, installation, and maintenance of rooftop photovoltaic systems on commercial properties.
Key Partnerships and Contractual Framework
Notable host businesses include well-known brands like KPMG Cyprus, Marks & Spencer, and Ayia Napa Marina. These entities enter into power purchase agreements (PPAs) with PayGreen, locking in electricity prices below the prevailing grid tariffs for approximately 15 years. This arrangement ensures that businesses can benefit from stable energy costs while contributing to Cyprus’s renewable energy goals.
Portfolio Details and Performance
The PayGreen portfolio currently comprises nine installations with a total capacity of around 1.5 megawatts. Of these, five are operational and contributing to revenue, while four additional sites are secured and in the pipeline for development. The unique aspect of this model is that the electricity produced is predominantly consumed on-site, which significantly reduces exposure to grid congestion risks.
Investment Structure and Returns
Investors in PayGreen will engage through redeemable preference shares, which offer annual dividends along with share redemptions over a 15-year investment period. The structured investment aims to target an internal rate of return (IRR) of 12%. However, it is crucial to note that these target returns are not guaranteed and are subject to various investment risks.
Investment Campaign Timeline and Objectives
The investment campaign is currently open for contributions until 31 May 2026, with a minimum funding target of €250,000 and a maximum of €1,250,000. To participate, interested EU investors need to contribute a minimum of €2,500. The capital raised will be utilised to finance the next phase of PayGreen’s expansion, further solidifying its role in the local renewable energy sector.
Accessing Investment Information
Eligible investors can access detailed financial models and the Key Investment Information Sheet on the Crowdbase campaign page, ensuring transparency about the investment’s structure and potential risks. As a regulated crowdfunding service provider, Crowdbase operates under the Cyprus Securities and Exchange Commission’s oversight, providing an additional layer of security for investors.
Understanding the Investment Risks
As with any financial instrument, investing in PayGreen carries inherent risks, including the possibility of losing part or all of the invested capital. Prospective investors are encouraged to thoroughly understand these risks before making investment decisions.
A Step Towards a Greener Future
The launch of PayGreen represents a significant opportunity for EU investors to engage directly in the renewable energy transition in Cyprus. By leveraging its abundant solar resources, the initiative aims not only to provide financial returns but also to contribute to a more sustainable energy future for the region.
