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Italy’s Edison inaugurates power station partly funded by citizens
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QUASSOLO, Italy (Reuters) – Italian utility Edison on Friday inaugurated a new hydroelectric power station partly financed by the local community and its wider customer base.
QUASSOLO, Italy (Reuters) – Italian utility Edison on Friday inaugurated a new hydroelectric power station partly financed by the local community and its wider customer base.
Italy aims to generate nearly two thirds of its electricity from renewable energy sources by the end of the decade, but several projects have been slowed down or blocked by local opposition.
Edison has offered both residents living close to the new power station in Quassolo near Turin and its customers in Italy the option to lend money for the project in exchange for a gross annual interest rate of between 5% and 6%.
Edison, the first utility to launch a crowd-funding initiative in Italy, has raised 300,000 euros over a total cost of 12 million euros ($12.80 million) for the plant, raising money from more than 100 small savers.
The hydroelectric power station is expected to produce about 8,300,000 kilowatt-hour (kW h) per year, corresponding to the energy needs of about 3,000 families. It is considered a mini-hydropower plant.
“With the inauguration of the new Quassolo hydroelectric power plant we are proud to take a further step forward in the process of decarbonising the country and achieving our development targets to 2030,” said Edison CEO Nicola Monti.
The group aims to increase installed renewable power to 6 gigawatt (GW) by investing 5 billion euros by the end of the decade.
Edison currently has 120 hydroelectric power plants, 80 of which are mini-hydro plants, with a total installed capacity of around 1 GW.
($1 = 0.9378 euros)
(Reporting by Giancarlo Navach and Francesca Landini, editing by Alvise Armellini and Susan Fenton)
Crowdfunding is a method of raising capital through the collective effort of a large number of individuals, typically via online platforms, allowing people to invest in projects or businesses.
Renewable energy is energy generated from natural resources that are replenished at a faster rate than they are consumed, such as solar, wind, and hydropower.
Hydropower is a form of renewable energy that generates electricity by using the flow of water, typically from rivers or dams, to turn turbines.
Decarbonization refers to the process of reducing carbon dioxide emissions associated with energy production and consumption, aiming to combat climate change.
A mini-hydropower plant is a small-scale hydropower facility that typically generates less than 10 megawatts of electricity, often used to supply local energy needs.
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