Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Italy’s Edison inaugurates power station partly funded by citizens

Italy’s Edison inaugurates power station partly funded by citizens

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)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts