Minoan Energy community in Crete has already implemented its first solar PV park. Their new project will also provide free shares or participation to 100 low-income households that were heavily affected by the recent earthquakes in Archalochori, Crete. The project is a 1MW ground-mounted solar PV park for collective self-consumption, to be grid-connected on a 25-year Virtual Net Metering contract with projected revenue of more than €390,000 annually. Grid connection terms are to be signed in Q3 of 2022 in Crete Island.
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About Minoan Energy Community Minoan is the first solar energy community in Crete. Minoan has been constituted by more than 300 local citizens, small businesses and public authorities including the Regional Government itself and the Municipality of Minoa Pediados. This new community solar project comprises a 1MW solar PV park. The solar PV park will provide electricity to over 200 new cooperative members. More than 60 low-income households will be offered free shares or participation at a low cost in the new solar PV park. It will be installed outside of the village of Arkalochori in the Municipality of Minoa Pediados in a 25,000m2 field chosen for its incredibly high solar potential. The solar PV park will produce 1,486,002 kWh per year and save 1,650 tons of CO2. The required investment is €756,578 and Minoan members have already invested €600,000 of their own equity. Minoan is seeking a loan to cover the €156,578 construction cost. The solar PV park is expected to save its members more than €392,000 per year. Minoan (HBR: 152946327000 TIN:996844861) has been established in 2019 as an energy community (Law Gazette 4513/2018, Ministry of Energy and Environment, one of the first transpositions of the core “prosumer” articles in the Clean Energy Package). The purpose of Minoan is to produce, distribute and supply renewable energy to its cooperative members, with a special focus on the development of collective self-consumption schemes. Project size: 1MW Renewable energy production: 1,486,002 kWh/year CO2 emissions saved annually: 1,650 tons** Number of beneficiaries/participants: >170 households and 30-40 small businesses Total investment: €756,578 Annual revenues: >€392,000 *Ministry of Environment and Energy Y.P.E.K.A. Technical Guidelines: National Specifications of Parameters for Energy Efficiency Calculations and Energy Performance Certificate, p.179, 2017, Table 7.1: Emission factor of gaseous pollutants for various fuels used in the building sector. Investment Information The loan is structured in a complete term of 5 years and will be repaid with 54 instalments consisting of amortisation of capital and with settlement of interest on the amount of capital outstanding for every instalment. There will be a repayment holiday (grace period) during the first 6 months whilst the project is implemented and the connection to the grid is completed. During this period interest will be accrued but not paid to Genervestors. The Genervestee has the right to repay the loan in full. In that case, he/she will pay to the Genervestors the owed capital, the overdue interests until the effective date of repayment, and any other amount related to taxes or charges regarding the early repayment. The Genervestee cannot request or make partial repayments of the amount loaned. Team Lampis Giannopoulos is an agronomist and has been engaged with the introduction of technology in agriculture, plant protection and the construction of many small and medium irrigation projects. He is the President of EKOIN Minoan Energy. He also served for twenty years as mayor of the former Municipality of Arkalochori. Dr. Dimitris Katsaprakakis is a mechanical engineer with a Ph.D. from the National Technical School of the University of Athens (NTUA). The research focus of his thesis was on "Maximizing the Integration of Wind Farms in Isolated Energy Systems”. Irini Dakanali is a mechanical engineer. She studied at the School of Technological Applications of the Technological Educational Institute of Crete. She works as a laboratory associate and participates in research programs at the Laboratory of Energy Systems Synthesis of the Hellenic Mediterranean University since 2009. George Viskadouros is an electrical and computer Engineer specializing in the field of simulation of nanocomposite organic devices. He is a scientific and laboratory collaborator of the Electrical Engineering Department of the Hellenic Mediterranean University. EPC - Engineering: The Energy Community is appointing its own engineering staff working on the technical design and licensing of the solar PV park. The energy community will conduct a tender to select the best equipment and engineering supplier. The best technical offer will be selected according to turnkey price, quality, and maintenance services. For more information, please download the technical documentation. Τechnology, equipment, and construction: The 1MW solar PV park will use 2,272 of Jinko 440W SOLAR PV MODULES (999.6 kW). The solar PV park will be connected to the HEDNO medium voltage network via 10 HUAWEI smart string inverters. For more information, please download the technical documentation. Due Diligence and technical information available Technical information about the projects is available for investors including: Business plan and feasibility study The project's licenses and legal information have been assessed by Genervest's legal team in Greece. Investment risks identified are related to possible grid connection delays or rejection by the network operator, so a grace period of 6 months is proposed for this project. This Genervestee has recently started the licensing procedures. The loan will be transferred only when this Genervestee has secured all the licensing requirements. This may take from 3 to 6 months depending on the case. Genervestor funds will not be transferred to the Genervestee during this period and in the event that the project does not proceed the funds will be refunded to Genervestor wallets without any deductions. Interest will only be accrued from the date the funds are transferred and then repayments will start after the grace period which is clearly identified in the investment proposal and loan agreement. By investing in Minoan Energy Community, you have to agree to the following terms: Type of funding: Secured loan Loan Term: 5 years from the date of finalisation of the grace period Grace period: 6 months starting from the date that the project is funding and up to the funding deadline Annual Interest Rate: 5% Use of funds: Purchase of equipment for 1MW solar PV system including EPC and professional advisory costs, ground mounting racks, cabling, inverters, grid making equipment, fuses, storage, transformers, connection boxes, and land and permitting rights. Project size: 1MW Total investment amount: €756,578 (Turn-key costs including applicable VAT) Annual project revenues from 2022: >€392,634 - Based on expected annual savings for the cooperative's members that the solar PV system will generate. Securitisation: Annual loan repayments from Genervestee are secured against the solar system implemented using the funding, (including but not limited to existing 500 kW PV asset, up to €300,000 of the cooperative’s equity, solar PV panels, inverters, mounting systems, meters, cabling and hardware.) as well as the revenue it generates. Risk warning Investment in this project entails risks, including the risk of partial or entire loss of the money invested. Your investment is not covered by the deposit guarantee schemes established in accordance with Directive 2014/49/EU of the European Parliament and of the Council*. Nor is your investment covered by the investor compensation schemes established in accordance with Directive 97/9/EC of the European Parliament and of the Council**. You may not receive any return on your investment. This is not a savings product, and we advise you not to invest more than 10 % of your net worth in these types of projects. You may not be able to sell the investment instruments when you wish. If you are able to sell them, you may nonetheless incur losses. For more information, please read carefully Genervest's Risk Warning. * Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes, OJ L 173, 12.6.2014, p. 149. ** Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes, OJ L 84, 26.3.1997, p. 22.