FREE SOLAR Pilot Project – Thessaly, Greece (Phase 1)

22, Region of Thessaly, Thessaly, Greece, 385 00, Greece,Thessaly, 385 00 , Greece

The FREE SOLAR project by Genervest aims to help potentially thousands of households in Greece in obtaining their own PV residential system with favourable financing terms. Karditsa Energy Community (ESEK) is running FREE SOLAR’s first pilot project in the region of Thessaly for 20 households. ESEK will act as the project’s Genervestee and use the funds to install the residential PV systems in selected households. The pilot project will be implemented in two phases. The first phase involves the first 8 households. This offering involves the full turn-key solution for the first 8 residential systems, which includes the equipment, connection, and installation costs.

85,000.00 EUR raised

85,000.00 EUR funding goal


  • Term
    120 Months
  • Interest
  • Minimum investment
    0.00 EUR

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Offering Details

About FREE SOLAR Pilot Project – Thessaly, Greece (Phase 1)

About FREE SOLAR and ESEK FREE SOLAR is a new initiative created by Genervest and Greenpeace Greece that aims to accelerate the uptake of solar energy self-consumption (net-metering) throughout Greece. It works by creating a friendly framework for investments in small self-generating solar energy systems, which will be carried out with zero initial capital and at a competitive interest rate. Using the Greek net-metering law, users can produce free electricity from solar panels, saving up to 100% of their energy supply costs and achieving significant savings from their electricity bills over the next 25 years. FREE SOLAR was launched in May 2022 with a pilot project in the region of Thessaly, Greece. Over 1,000 applications from all over Greece have already been received, and following its pilot phase, FREE SOLAR will be expanded into other regions of Greece. The first 20 beneficiaries for the pilot project will be selected from among the FREE SOLAR applicants in Thessaly. Karditsa Energy Community (ESEK) will act as the Genervestee of the pilot project. The pilot project itself will be implemented in two phases, with the first phase involving the first 8 beneficiaries. ESEK was founded in 2010 as an urban cooperative with the initial purpose of processing, managing, and disposing of biomass through the exploitation of agricultural and forest residues in the city of Karditsa, Thessaly. With the enactment of Law 4513/2018 on energy communities, ESEK took its current form as an energy community, with the goal of expanding its activities in renewables and energy services. ESEK has about 400 members, including local companies and 6 municipalities in the prefecture of Karditsa, and its factory produces about 1,200 tons of biomass per year. Total project size: 52.95 kW Renewable energy production: 71,500 kWh/year Environmental impact: 2,851 kg/CO2 avoided annually Number of beneficiaries: 8 households in the wider Karditsa region Technology: Rooftop photovoltaic system, including PV panels, inverters, smart meters, and cables Total investment: €85,000 Investment Information The loan is structured in a complete term of 10 years and will be repaid with 18 biannual 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 12 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 (ESEK) has the right to repay the loan in full. In that case, the Genervestee will pay to the Genervestors the total owed capital, the due and overdue interest until the effective date of repayment and any other amount related to taxes or charges regarding the early repayment. The Genervestee cannot make partial repayments of the amount loaned without prior agreement with the Genervestors. Investment example: Investment amount: €5,000 Annual interest: 4% Grace period: 12 months Loan term: 10 years Number of payments per year: 2 Total installments: 18 Total interest: €1,200.49 Total payment at the end of the loan: €6,200.49 Team Takis Grigoriou is an energy expert with more than 14 years of experience in clean energy, energy efficiency and socially fair energy transition. Until November 2021, Takis was the Head of the Climate & Energy team of Greenpeace Greece. He is a founding member of Genervest and the project manager of FREE SOLAR. Vasileios Filippou holds a PhD in the field of wood science, and a BSc in environmental sciences and in the field of biomass harvesting and technology of forest products. During his MSc’s degree, the aim of his thesis was the study of utilization of logging residues for pellet production and specific the adequacy of raw material for this purpose. Mr. Filippou has many publications in the field of solid biofuels in national and international conferences and journals. He has worked in 3 national funded projects in the field of solid biofuels and wood technology and 1 European horizon project in the field of bioenergy. Currently, he is a project manager at the energy community of Karditsa. He began his professional career as a production manager in the solid biofuel plant of the energy community. For the past 5 years he has been responsible for pellet production while he is involved in laboratory tests for the pellet quality. Martha Gatsinou is an expert in marketing and communications with more than 18 years of experience in the industry. For many years Martha was in charge of Greenpeace Greece’s communications department and had successfully led 4 crowdfunding Greenpeace campaigns as well as numerous projects in Greece and across Europe. Martha is now the Marketing Manager of Genervest. EPC Genervest has published an Expression of Interest (EoI) to EPCs and local companies in the wider Thessaly region for the pilot project. The EPC(s) selected will be favoured for the full implementation partnership as FREE SOLAR scales up. The EoI process concludes in January 2023 with the selected EPC(s) being announced on the 21st of January 2023. Technology, equipment, and construction The project involves the installation of 8 solar PV rooftop systems. The systems include the solar PV panels, the inverters, the DSO approved smart metres, the mounting gear, and the cabling. Precise equipment and quality assurance will be defined after completion of the EoI process. The construction is expected to begin as soon as the crowdfunding project is completed and no later than late March 2023. Regulatory framework Net-metering allows PV system users to offset their power consumption with power generated from their solar panels. The offset involves the full cost of supply, thus fully protecting the users from further energy price increases. The terms and conditions for net-metering in Greece were initially determined by the Ministerial Decision “ΑΠΕΗΛ/Α/Φ1/οικ.24461” (Government Gazette B' 3583/31.12.2014). The original Decision was subsequently replaced by Decision No. “ΥΠΕΝ/ΔΑΠΕΕΚ/15084/382” (Government Gazette B' 759/5.3.2019) and finally further amended by Decisions No. “ΥΠΕΝ/ΔΑΠΕΕΚ/74999/3024” (Government Gazette B' 3971/30.8.2021) and No. “ΥΠΕΝ/ΔΑΠΕΕΚ/121503/5016” (Official Gazette B' 6287/29.12.2021). Due Diligence and technical information Information about the project that is available for investors: The project team’s CVs The 8 households will apply over the next couple of weeks for the residential net-metering license and approval by the grid operator is expected to be granted within a month. Once the project closes, funds will be released to the Genervestee to pay the EPC and begin the installation process. The installation and connection to the grid could take up to 3 months, therefore a grace period of 12 months is proposed for this project. 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. In the event that the project does not proceed, funds will be refunded to Genervestor wallets without any deductions. By investing in the FREE SOLAR Pilot Project – Thessaly, Greece (Phase 1), you have to agree to the following terms: Type of funding: Loan Loan Term: 10 years Grace period: 12 months Annual Interest Rate: 4% Use of funds: Purchase, installation, and connection to the grid of 8 residential rooftop photovoltaic systems. Project size: 52.95 kW Total investment amount: €85,000 Securitisation: Biannual loan repayments from the Genervestee are secured against the solar system implemented using the funding (including but not limited to solar PV panels, batteries (if used), 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 our 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. * 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. R


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