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Crowdfunding for Renewable Energy: Survey Results on Public Perceptions and the Views of Crowdfunding Platforms and Project Developers

Authors:
  • European Crowdfunding Network (ECN)

Abstract and Figures

This report presents the findings of three online surveys conducted in the second half of 2015 at the European level regarding perceptions about crowdfunding in the renewables sector. The surveys form part of the CrowdFundRES project which aims to help unleash the potential of crowdfunding for renewable energy projects and is funded by the European Commission under its Horizon 2020 programme. The first survey we report on here is focused on public perceptions regarding the current state of and future prospects for the sector, with the others examining the views of crowdfunding platforms and RES project developers. In conjunction, these three surveys present an up-to-date picture of the RES crowdfunding sector that will inform the next stages of the CrowdFundRES project and feed into the formulation of guideline insights for crowdfunding platforms and RES project developers. The results of the surveys should also contribute meaningfully to policy discussions at both national and European levels.
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Ariel Bergmann, Bruce Burton and Matthias Klaes are with the University of Dundee,
m.klaes@dundee.ac.uk (Citizens Survey)
Stephanie Betz and Thomas Maidonis are with WIP Renewable Energies,
thomas.maidonis@wip-munich.de (Project Developers Survey)
Kathrin Kohl is with the European Crowdfunding Network,
kathrin.kohl@eurocrowd.org (Platforms Survey)
Disclaimer
This project has received funding from the European Union’s Horizon 2020 research and innovation
programme under grant agreement No 646435.The sole responsibility for the content of this report
lies with the authors. It does not necessarily reflect the opinion of the European Union. Neither INEA
nor the European Commission are responsible for any use that may be made of the information
contained therein.
While this publication has been prepared with care, the authors and their employers provide no
warranty with regards to the content and shall not be liable for any direct, incidental or consequential
damages that may result from the use of the information or the data contained therein. Reproduction
is authorised providing the material is unabridged and the source is acknowledged.
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Table of contents
Table of contents .................................................................................4
Introduction.........................................................................................6
Survey of EU Citizens ...........................................................................7
METHODOLOGY .............................................................................................................7
Respondent Familiarity .....................................................................................................8
Scale of Prior Investment in Renewable Energy Projects .................................................9
Future Intentions regarding Crowdfunding for Renewable Energy Projects (CFRES) .......9
Factors Impacting on the Decision to Invest in Renewable Energy Projects .................10
Crowdfunding Method Preferences ...............................................................................11
Crowdfunding as a Viable Alternative to Traditional Finance.........................................12
The Perceived Benefits of Crowdfunding for Renewable Energy Projects .....................13
Constraints on Future Growth in Crowdfunding of Renewable Energy Projects............13
Perceptions Regarding the Future of Crowdfunding .....................................................14
CONCLUSIONS FROM EU CITIZEN SURVEY ....................................................................15
Survey of Crowdfunding Platforms....................................................17
METHODOLOGY ...........................................................................................................17
Design of the Survey Questions ......................................................................................17
Dissemination of the Survey ...........................................................................................18
ANALYSIS AND RESULTS ...............................................................................................19
Descriptive Statistics of Population Surveyed.................................................................19
Renewable Energy Project Share and Crowdfunding Specifications ..............................19
CONCLUSIONS FROM CROWDFUNDING PLATFORM SURVEY ........................................26
Survey of Renewable Energy Project Developers..............................28
METHODOLOGY ...........................................................................................................28
Design of the Survey Questions ......................................................................................28
Survey Dissemination......................................................................................................29
ANALYSIS AND RESULTS ...............................................................................................30
Descriptive Statistics .......................................................................................................30
Company Structure .........................................................................................................30
Technology......................................................................................................................31
Project Size Range ..........................................................................................................32
Geographical Coverage...................................................................................................32
Experience with RES Projects..........................................................................................34
Experience with Crowdfunding for Renewable Energy ..................................................34
Financing RES Projects ....................................................................................................34
Experience with Securing Finance for RES projects ........................................................35
Experience of Securing Finance via Bank Loans..............................................................36
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Local/ National / Regional / EU funding programs .........................................................37
Barriers Related to RES Project Finance..........................................................................38
Crowdfunding for Renewable Energy .............................................................................39
Crowdfunding x Bank Loans x Support Programs ..........................................................41
CONCLUSIONS FROM PROJECT DEVELOPER SURVEY.....................................................42
Overall Survey Conclusions................................................................43
References .........................................................................................45
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Introduction
Crowdfunding is part of the broader “alternative finance market” and involves (social media
platform-based) raising of money from individual members of society who are brought together to
provide the capital necessary for a specific investment project. The market in alternative project
funding (i.e. outside the normal market for bank lending, traditional venture capital and security-
market financing) has grown in the UK alone from £267m in 2012 to nearly £1.75bn in 2014
(Wardrop et al., 2015). Within this total, “equity-based” crowdfunding (where shares in a business
are sold to investors in its early stages) grew in the UK over the same period by 410% to £84m, with
an average amount raised of around £200k; “reward-based crowdfunding” (where individuals
donate towards a specific project, with the expectation of a tangible, but non-financial, reward)grew
in the UK by 206% to £26m, with an average amount raised of around £4k; and “donation-based”
crowdfunding (where investors’ donations provide funding for a charitable project and no tangible
rewards are involved) grew in the UK by 77% to £2m, with an average amount raised of around £6k.
Whilst the UK continues to dominate the European crowdfunding market, figures for the rest of the
EU have also grown for all three types: €120.33m was provided via reward-based crowdfunding in
2014, compared to €24m in 2012; €82.56m was provided via equity-based crowdfunding, compared
with €18.4m in 2012; and €16.34m was provided via donation-based crowdfunding compared with
€4.3m in 2012. However, and notwithstanding the significant sums noted above, both Baeck et al.
and Wardrop et al. note the dominance of peer-to-peer lending over all other forms of alternative
finance - £1.2bn (UK) and €368m (rest of the EU) respectively.
This report presents the findings of three online surveys conducted in the second half of 2015 at the
European level (and in several languages) regarding perceptions about crowdfunding in the
renewables sector (Bergmann, Burton and Klaes, 2016; Kohl, 2016; Betz and Maidonis, 2016). The
surveys form part of the CrowdFundRES project which aims to help unleash the potential of
crowdfunding for renewable energy projects and is funded by the European Commission under its
Horizon 2020 programme. The first survey we report on here is focused on public perceptions
regarding the current state of and future prospects for the sector, with the others examining the
views of crowdfunding platforms and RES project developers. In conjunction, these three surveys
present an up-to-date picture of the RES crowdfunding sector that will inform the next stages of the
CrowdFundRES project and feed into the formulation of guideline insights for crowdfunding
platforms and RES project developers. The results of the surveys should also contribute meaningfully
to policy discussions at both national and European levels. The next section outlines the findings of
the survey of the European public. This is followed by the evidence obtained from the surveys of
crowdfunding platforms and renewable energy project developers. The final section concludes with
an overview of our findings and the key implications arising therefrom.
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Survey of EU Citizens
METHODOLOGY
Design of the CrowdFundRES survey of the public was informed by study of prior survey work such
as Baeck et al. (2014) and Wardrop et al. (2015), which was cross-checked against the pattern of
responses obtained from members of the public via the European Commission (2014) crowdfunding
consultation, and additional research undertaken by the Startup Europe crowdfunding initiative (cf.
Alois 2014). A key pattern evident in this prior survey work, academic literature (e.g. Moritz et al.
2015) and consultations in the context of the aims of the CrowdFundRES project, relates to
information asymmetries between members of the public as potential funders or investors, and the
projects potentially supported by such means. A further insight relates to geographical focus, with
France and Germany in particular generating high response rates, which ties up well with the
selection of countries targeted in the CrowdFundRES project (Austria, Belgium, France, Germany, the
Netherlands, and the UK).
The survey in this case was developed with the intention of exploring public perceptions regarding
the use of crowdfunding for renewables, with a focus on perceived benefits, difficulties and
potentialities. The questionnaire explores the views of the public whilst controlling for prior
knowledge of/engagement with crowdfunding in general - and in the context of RES specifically -
that might affect opinions. This design, and the manner of its analysis, enables differences in
response according to background to emerge from the data and appropriate conclusions to be
drawn. For example, this type of disaggregation facilitates examination of the extent to which
opinions are influenced by prior experience of the use of crowdfunding in the renewables sector and
other contexts.
An initial concept questionnaire was compiled during February and March 2015 through an iterative
process led by the Dundee team and involving the lead partners of the other two surveys (ECN,
WIP). This concept questionnaire, together with similar drafts from the other two surveys, was
tested in moderated feedback sessions conducted at the first project workshop of the consortium in
March 2015 to check for relevance of instruments among key stakeholder groups as represented in
the CrowdFundRES consortium. Structured feedback gathered from this workshop fed into pilot
drafts of the English versions of the three questionnaires, which in turn were implemented by the
University of Dundee via Survey Monkey. The distribution list involved leads generated through
snowballing for volunteers through personal contacts of members of the consortium during April to
check for semantic consistency through piloting over a two-week period during which 32 responses
were received. Analysis suggested that only minor modification were required and the public survey
was then translated into Dutch, French and German and once more piloted for semantic
consistency. Similarly, the developer survey was translated in May into French and German. The
platform survey was administered in English only due to consistent feedback from the industry that
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English was the de-facto standard of communication in the platform sector and running several
language versions alongside each other would risk alienating respondents who were used to
significant levels of English-based surveying across the sector. The three surveys went live on 15th
June 2015, and survey dissemination was vigorously pursued according to a strategically-oriented
survey recruitment plan.
All project partners (therefore representing academic institutions, law firms, crowdfunding
platforms and renewable energy firms) disseminated the questionnaire via their social media
networks to ensure that a reasonably knowledgeable sample of the European public would engage
with the questionnaire. The evidence outlined below suggests that this aim was achieved; nearly
90% of those completing the survey indicated that they were aware of the crowdfunding concept,
but this figure indicates that a meaningful number of responses were made by those without such
an awareness, allowing appropriate comparisons to be made.
As Table 1 indicates, by the end of the survey period (30th November 2015), 478 responses had been
received, 340 via the direct weblink to the Survey Monkey website and 138 via the embedded ECN
weblink. However, several of those who logged into the survey did not complete any questions
other than indicating a desired choice of language (the questionnaire was made available in Dutch,
English, French and German) and indicating agreement with the terms and conditions. These
responses were excluded from further analysis. As Table 1 shows, 21.3% of the 478 responses were
removed from the sample on this basis.
Table 1 – Response Numbers
WEBLINK
ECN
EMBEDDED
TOTAL
Total number of responses
340
138
478
Number of useable
responses
270
106
376
The final useable sample comprised 376 responses, with the breakdown across the four languages
employed depicted in Figure 1 Responses were received from 29 different countries, with the largest
proportion of the sample coming from France (with 63 useable responses) followed by Germany and
the Netherlands (29 each), Austria (28), Belgium and the UK (18 each) and Ireland (14). Although not
shown in the table, the other demographic information collected also suggested a diverse base had
been engaged, with 34% (66%) of respondents who provided the information being female (male);
of those who provided the information, 1 respondent was aged under 18, 39 aged 18-25, 127 aged
26-45, 83 aged 46-67 and 5 aged over 68.
Figure 1 – Useable Responses by Language
RESULTS
Respondent Familiarity
The first part of the questionnaire enquired about
respondents’ experience and familiarity with crowdfunding
in general and in the context of RES specifically. As Table 2
indicates, nearly 90% of respondents were familiar with the
39
153
90
Dutch
English
French
Useable Responses by
Language
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broad crowdfunding notion, 45% of whom had invested via such platforms previously, with half of
these having invested specifically in RES projects on this basis. Most of the latter (26) had been
involved in a single project, although 16 had invested in five or more.
Table 2 - Familiarity
88.5% (330) were familiar with crowdfunding of which:
45.2% (149) had invested via crowdfunding of which:
50.3% (75) had invested in RES via crowdfunding
Table 3 – Investment Scale
Scale of most Recent RES Crowdfunding Investment
(€)
Number of Respondents:
<100
6
100 - 500
27
500 - 1500
14
1000 - 5000
19
5000 - 10000
4
10000 - 25000
2
25000 - 50000
1
>50000
0
Average (based on mid-point) = €2454.11
Scale of Prior Investment in Renewable Energy Projects
Table 3 documents the scale of the investments in RES made by respondents. The figures ranged
from six investments of less than €100 to one investment of between €25,000 and €50,000. The
most common range was €100 - €500, but the mean amount committed (based on mid-points) was
€2454, suggesting that the typical engagement in RES by European citizens is on a non-trivial scale.
Future Intentions regarding Crowdfunding for Renewable Energy Projects (CFRES)
Having enquired about prior behaviour and practices regarding RES, the questionnaire next sought
to explore respondents’ future intentions, contextualised by their prior experience. Inspection of
Table 4 indicates that 39% of the sample planned to invest in RES over the next three years, with the
figure rising to 61% for those with prior experience of crowdfunding in general and to 82% for those
who had already invested in RES via crowdfunding platforms.
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Table 4 – Future Intentions Regarding Renewable Energy Projects
Are you planning to invest in RES via crowdfunding in next 3 years?
Yes: 39% Maybe 53% No:8%
Of those who have already invested via crowdfunding:
Yes: 61% Maybe: 34% No: 5%
Of those who have already invested in RES via crowdfunding:
Yes: 82% Maybe: 13% No: 4%
This pattern suggests that the extent of familiarity is linked with positivity when it comes to CFRES;
such evidence is particularly encouraging in the light of continent-wide evidence of national
governments reducing their commitment to the sector. Of particular note in this regard is the
evidence that only 4% of respondents who had previously used crowdfunding in a RES context
indicated that they did not intend doing so again over the next 36 months.
Factors Impacting on the Decision to Invest in Renewable Energy Projects
Table 5 reveals the wide range of factors taken into account when investment in renewable energy
projects is considered. Inspection of the table reveals the diverse range of benefits perceived by the
respondents, with eight factors being identified by more than 100 respondents. Amongst these,
“Transparency” was, by some distance, the most often-cited (213 times) followed by “Sustainability
impact” (174). To check whether the responses reflect informed knowledge of the process, the
proportionate figures generated only by those who intend to invest in CFRES over the next three
years are also shown in Table 5.
Table 5 - Factors taken into Account in RES Investment Decisions
Respondents taking particular factors into
account in RES investment decisions
Among those planning to invest in CFRES
in next 3 years
Transparency 213
79%
Sustainability impact 174
62%
Investment model 163
61%
Expected rate of return 159
66%
Technology type 156
56%
Developer reputation 132
47%
Time frame (duration) 115
41%
Geographic location 114
36%
Info in native language 84
33%
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A project in development 50
23%
Existing op. project 47
17%
Cross border investment 29
10%
These provide a similar picture to that provided by the whole sample results, with Transparency
highest at 79%. This evidence suggests that differences identified later in the study regarding the
impact of prior CFRES experience on extant perspectives do not reflect fundamental differences in
understanding of the practices and processes involved. Those completing the questionnaire were
given the option to add additional comments in relation to this part of the survey and 38 responses
were received. Whilst these covered a wide range of issues including project feasibility, tax status
and governance, most related to the broad issue of community/environmental impact and ethics. In
one case, the view was contextualised in terms of project financing as follows: “The social impact of
the project would have a big influence on my decision – provided it made economic sense.”
Crowdfunding Method Preferences
The questionnaire next explored opinions regarding the most appropriate crowdfunding method for
RES investments. The five most-commonly identified methods in the broad crowdfunding literature
(equity; reward; donation; debt in the form of bonds; and debt in the form of peer-to-peer lending)
were employed and respondents asked to rank these in order of preference from 1 to 5 where 1
indicated the highest preference.
Inspection of Table 6 reveals the dominant role of equity, with an overall mean rank of 2.51 followed
by peer-to-peer debt (2.82) and bond-based debt (3.03). The sub-group means shown in the table
indicate some differences, with bonds generating a marginally higher average preference rank (2.51
v. 2.52) amongst those planning to invest in RES via crowdfunding. The popularity of bond-based
crowdfunding grew as the extent of familiarity grew, whilst the opposite pattern was evident for the
donation-based method, which was least popular overall, but particularity amongst those who had
previously invested in CFRES projects (average rank = 4.43).
Table 6 - Crowdfunding Method Preference for Investment in Renewable Energy Projects (Average
Ranks: 1 = highest; 5 = lowest)
Equity-based
Debt-based
(bonds)
Debt-based
(p2p)
Reward-based
Donation-
based
TOTAL
2.51
3.03
2.82
3.33
3.77
Familiar with
CF
2.59
3.00
2.80
3.36
3.75
Invested via CF
2.43
2.89
2.56
3.36
4.11
Invested in RES
via CF
2.53
2.54
2.41
3.44
4.43
Planning to
invest in RES
via CF
2.52
2.51
2.76
3.53
4.16
UK-based
2.31
2.65
2.88
3.14
4.23
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The table also reveals the particular dominance of equity (and limited role for donations) in the UK.
The average rank for the former amongst respondents based in the UK was just 2.31 (the strongest
preference evident anywhere in the table), confirming for the first time that the pattern found for
crowdfunding in general in the UK (Baeck et al., 2014; Wardrop et al., 2015) is specifically evidenced
amongst RES. More generally, the apparent preference for equity-based crowdfunding over peer-to-
peer lending suggests an idiosyncrasy in the RES sector of the crowdfunding market, as the afore-
mentioned reports reveal that peer-to-peer arrangements dominate all other forms of crowdfunding
in monetary terms. Thus, equity-based crowdfunding appears to be perceived as being particularly
appropriate for funding investments in the RES sector.
The survey document allowed respondents to add additional comments regarding the issue of
crowdfunding method preference and this yielded the highest number (89) of responses to any of
the five fully open-ended parts of the questionnaire. A wide range of issues was seen as relevant,
including project risk, environmental impacts, cost implications, timescale, and project size.
Crowdfunding as a Viable Alternative to Traditional Finance
The survey document next sought out perspectives on the notion of whether crowdfunding
represents a meaningful alternative to traditional financing methods going forward. Inspection of
the relevant results in Table 7 (s. next page) suggests an overwhelmingly positive view of
crowdfunding amongst EU citizens across Europe, with an overall mean response of 4.07. However,
the data also provide the first indication that crowdfunding is seen as particularly appropriate for
renewable energy projects, with the mean response in the latter case of 4.31 significantly higher
than the figure for investments in general. The various sets of disaggregated findings suggest that
this pattern holds irrespective of respondents' prior experience of crowdfunding, with eight of the
nine sub-group means being higher for investments in RES projects.
Table 7 – Crowdfunding as a Viable Alternative to Traditional Finance
(Average Responses: 5 = strongly agree; 1 = strongly disagree)
Investments in RES
Investments in
General
Diff.
TOTAL
4.31
4.07
0,24**
Familiar with CF
yes
(no)
4.33
(4.12)
4.11
(3.83)
Invested via CF
yes
(no)
4.42
(4.23)
4.20
(3.99)
Invested in RES via CF
yes
(no)
4.51
(4.31)
4.27
(4.13)
Planning to invest in
RES:
yes
(no)
[maybe]
4.64
(3.75)
[4.16]
4.25
(3.90)
[3.98]
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The Perceived Benefits of Crowdfunding for Renewable Energy Projects
Table 8 (s. next page) provides evidence regarding the benefits of crowdfunding for RES perceived by
EU citizens. Inspection of the table suggests the key advantages are related to moral/ethical issues,
where a mean response of 4.38 resulted, followed by speed (mean = 4.04) suggesting that both hard
and soft benefits respectively are amongst the important drivers of the optimism revealed
elsewhere in this report.
In terms of the sub-sample results, disaggregation on the basis of planning/not planning to engage in
RES via crowdfunding consistently drove the biggest differences in sub-group means. Those who
were planning to take such action consistently generated the highest averages, indicating that those
who intend to invest do so on the basis of a wide range of perceived benefits.
As it was clearly going to be impossible to list all the possible benefits of crowdfunding for RES via a
closed-question with pre-specified responses, those completing the survey were given the option to
add further responses. Seventy-three such responses were received. Whilst the responses reveal a
wide range of possibilities - confirming much of the evidence underpinning Table 8 - the most
commonly-cited advantages related to community involvement (including the sense of “ownership”
provided by crowdfunding vehicles) and access to funds in cases where banks are simply not likely to
provide the capital needed, i.e. “seed money.”
Table 8 – Benefits of Crowdfunding for Renewable Energy Projects
(Average Responses: 5 = strongly agree; 1 = strongly disagree)
All
Familiar with
CF
Yes
(no)
Invested via
CF
Yes
(no)
Invested in
RES via CF
Yes
(no)
Planning to invest in RES via
CF
Yes
(No)
(Maybe)
Reduction in European
public funding
3.36
3.34
(3.61)
3.37
(3.29)
3.20
(3.57)
3.38
(3.05)
[3.39]
Decreases in European
banks’ lending
3.65
3.63
(3.71)
3.72
(3.53)
3.76
(3.68)
3.78
(3.16)
[3.62]
Speed of access to funds
4.00
3.99
(4.09)
3.97
(4.02)
4.02
(3.89)
4.21
(3.44)
[3.95]
Low cost relative to
traditional banks
3.79
3.81
(3.67)
3.78
(3.82)
3.72
(3.83)
3.93
(3.41)
[3.75]
The morals and ethics of
CF’s collaborative basis
4.32
4.35
(4.13)
4.38
(4.30)
4.41
(4.36)
4.53
(3.67)
[4.29]
Constraints on Future Growth in Crowdfunding of Renewable Energy Projects
The next part of the survey enquired about the significance of three possible difficulties relating to
crowdfunding for RES, namely: lack of investor knowledge; the small typical scale of crowdfunding
relative to RES needs; and the lack of regulation in the sector. The results (see Table 9 below) reveal
that there were no cases, including for any of the sub-groups, where the mean reached a value of 4.
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However, the highest overall average (3.71) was generated for the statement relating to investors’
lack of knowledge about funding sources, a pattern consistent across all the disaggregations. This
indicates that whilst the picture that emerges from this study as a whole is overwhelming positive,
there is some residual concern about the way in which awareness of platform existence is
disseminated.
Table 9 – Constraints on Growth in Crowdfunding for Renewable Energy Projects
(Average Responses: 5 = strongly agree; 1 = strongly disagree)
All
Familiar with
CF
Yes
(no)
Invested via
CF
Yes
(no)
Invested in RES
via CF
Yes
(no)
Planning to invest
in RES via CF
Yes
(no)
[maybe]
Investors’ lack of
knowledge about funding
sources
3.71
3.71
(3.83)
3.65
(3.72)
3.68
(3.64)
3.65
(3.78)
[3.75]
The small scale of typical
CF relative to RES needs
3.09
3.10
(3.13)
3.04
(3.15)
3.02
(3.05)
3.01
(3.44)
[3.10]
Lack of regulation in the
CF sector
3.11
3.09
(3.18)
3.00
(3.19)
2.97
(3.05)
2.94
(3.06)
[3.24]
As with the possible benefits of crowdfunding for RES, there was no likelihood of all the potential
constraints on growth in the sector being articulated and specified in the survey and so respondents
were again given the chance to make additional open-ended comments. 49 of the participants chose
to engage in this way; a consistent theme in the views expressed relates to the issue of lack of
awareness and experience on the part of both platform providers and investors themselves,
confirming the impression from the closed-end questions of this issue dominating any concerns
about scale or sectoral regulation.
Perceptions Regarding the Future of Crowdfunding
Having explored views regarding the explicit benefits and limitations of crowdfunding in a RES
context, the questionnaire concluded by asking respondents to indicate the extent to which they
believed that crowdfunding was likely to grow in the next five years, both in general and for RES
projects specifically. Inspection of Table 10 above reveals that growth in use of crowdfunding is
widely predicted, although the mean score for the notion in a RES context (4.23) was significantly
higher than for investments in general (4.08). This pattern was repeated in virtually all (eight out of
nine) disaggregations of the data reflecting prior experience and familiarity, suggesting that
optimism regarding crowdfunding – in a RES context in particular – is pervasive amongst EU citizens.
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Table 10 – Is Crowdfunding Likely to Grow Over the Next Five Years?
(Average Responses: 5 = strongly agree; 1 = strongly disagree)
Investments in RES
Investments in General
Diff.
TOTAL
4.23
4.08
0.15**
Familiar with CF: yes
(no)
4.24
(4.17)
4.10
(3.92)
Invested via CF: yes (no)
4.46
(4.02)
4.22
(3.97)
Invested in RES via CF: yes (no)
4.55
(4.35)
4.26
(4.16)
Planning to invest in RES:
yes
(no)
[maybe]
4.58
(3.44)
[4.09]
4.25
(3.79)
[4.01]
After completing this part of the survey, respondents were asked to offer any final observations and
thoughts regarding crowdfunding and/or crowdfunding for RES. Thirty-five responses were made in
this context, making a range of points including: concern over regulation; the need to “excite” the
RES sector in the manner of Arts/Culture; the potential for the sector following the global banking
crisis; the concern over the “niche” aspect of crowdfunding; lack of investor understanding;
problems with government ideology; the need for decentralisation and scalability; the potential role
of tax policy in developing the market; and issues concerning RES business plans. In 26 cases, those
making comments also agreed to follow-up by the research team and so a sample of five cases
where the views expressed seemed broadly representative of the full sample - but with the potential
to benefit from further elucidation - were selected for further analysis. Two of those approached
offered further direct comment. In one case, the respondent focussed on the potential role of
crowdfunding of RES in a developing country context given the small-scale (relative to normal
corporate projects) of the funding, with the result being a “nicely-packaged solution” for emerging
nations. The second respondent who provided additional comments made detailed representations
concerning the adverse impacts of the replacement in the UK of the Financial Services Authority by
the Financial Conduct Authority. The latter, in this individual’s opinion, was much less supportive of
co-operative status being granted to energy projects. This comment suggests the need for caution
and careful observation of regulatory bodies’ actions in the increasingly uncertain environment
regarding governmental support of non-standard business funding models.
CONCLUSIONS FROM EU CITIZEN SURVEY
The survey of EU citizens provides the first detailed evidence regarding the EU public’s perception of
the role of crowdfunding as an investment vehicle for renewable energy projects (RES). The study
yielded a sample of 389 usable responses, drawn from 29 nations. Follow-up investigation amongst a
sample of those who agreed to such enquiry also took place. One of the most striking patterns in the
16
data was that the results were broadly consistent irrespective of respondent background, i.e.
familiarity with crowdfunding, and experience of it in general and for RES specifically.
In terms of the factors affecting the decision to undertake RES investments, transparency was, by
some margin, the most frequently cited, followed by sustainability impact. Views in this regard were
found to be similar irrespective of plans regarding the use of crowdfunding in a RES context,
suggesting that differences in opinions across sub-groups of respondents evidenced elsewhere in the
survey were not simply reflecting different understandings of the process itself.
As regards specific forms of crowdfunding, equity dominated as the type most likely to be employed
in a RES context. Whilst this pattern was found across virtually all sub-groups, the strongest support
for the method came from UK-based respondents. This finding provides the first evidence that a
clear trend reported in the broader crowdfunding market is strongly evident in the RES sector
specifically. Relatedly, the overwhelming dominance of peer-to-peer financing in the alternative
financing s reported elsewhere does not appear to be reflected in the RES market, suggesting that
the equity crowdfunding route is seen as being especially apposite for investment in renewables.
Notwithstanding the points noted above, the most important finding in the public survey is of robust
cause for optimism regarding the future of crowdfunding for renewables. Five specific pieces of
evidence in the study permit us to draw this conclusion:
i. The propensity to invest in RES via crowdfunding was strongest amongst those with
prior experience of this funding method, particularly in the RES context. This result
indicates a favourable experiential basis for future such investment in the sector.
ii. Crowdfunding was seen as more viable for RES than for investments in general,
irrespective of prior familiarity/experience. This again points to a clear belief in the
particular appropriateness of crowdfunding platforms for investments in renewables.
iii. Growth in crowdfunding was seen as significantly more likely for RES than for
investments in general, consistent with the evidence in points (i) and (ii) above.
iv. Those who invest in RES via crowdfunding do so on the basis of a wide range of
perceived benefits, although moral/ethical issues dominate, with speed also
important.
v. There was no evidence of any strong worries regarding any particular limitation
regarding the employment of crowdfunding for RES. In so far as there was some
concern, it related to the issue of investor awareness regarding funding sources,
suggesting a priority for action.
The final point is likely to be important and require nurturing to ensure its maintenance – as the
crowdfunding sector faces challenges exacerbated in the particular case of RES by weakening
European governmental support for the sector in the current fiscal regime. Nonetheless, the findings
in this report point in a multi-faceted way to grounds for positivity in the context of RES investments.
The current challenges need not prove insurmountable as long as the optimism underpins clear-
headedness – and ingenuity – in attracting the capital needed to ensure critical mass going forward.
17
Survey of Crowdfunding Platforms
METHODOLOGY
An initial baseline questionnaire aimed at crowdfunding platforms was compiled during February
and March 2015 through an iterative process led by ECN and the lead partners of the other two
surveys. This baseline questionnaire was tested in moderated feedback sessions conducted at the
first project meeting of the consortium in March 2015 to check for relevance of instruments among
key stakeholder groups as represented in the CrowdFundRES consortium. Structured feedback
gathered from this workshop fed into a pilot draft of the platform survey, which after piloting was
then implemented by UNIDUN using Survey Monkey. Unlike the other two surveys, the platform
survey was presented in English only due to consistent feedback from the industry that English was
the standard communication medium in the platform sector, and that running several language
versions alongside each other would risk alienating respondents who had got used to significant
levels of English-based surveying across the sector. The survey went live on 15th June 2015, and
survey dissemination was vigorously pursued according to a strategically oriented survey
recruitment plan (see Table 1).
Design of the Survey Questions
The survey questions were designed to ensure applicability to: (a) crowdfunding platforms in
general; and (b) crowdfunding for renewable energy projects. As the survey was not just sent to
platforms specialising in RES, identification of the perceived obstacles to crowdfunding in general
was facilitated, as well as problems specifically linked to crowdfunding for RES projects.
Subsequently, the obstacles were grouped and prioritised, with five areas identified:
1. Obstacles related to crowd investors
2. Obstacles related to project developers
3. Obstacles related to characteristics of a crowdfunding platform
4. Obstacles related to legal aspects
5. Obstacles related to competition and partnership
Next, the questions were formulated by categorising them on the following bases:
18
Profile of the Crowdfunding Platform; Market: potential barriers and perspectives; Financial:
potential barriers and perspectives; Legal: potential barriers and perspectives; Other barriers
and perspectives
The survey was developed in such a way that it would take 10-15 minutes to answer all questions.
Dissemination of the Survey
Dissemination of the survey took place via the various online channels listed in Table 1 between June
15th 2015 and March 2016. Over this period, the CrowdFundRES project website registered
136 views of the Platform survey page, from 113 unique users.
Table 1: Dissemination Channels
Channel
Means
Date
Nr.
Target Group
ECN members network
1-to-1 E-Mail
29.09.2015
28
Crowdfunding Platforms RES and non-RES
ECN network (in the
target countries UK,
Belgium, Germany,
France, Austria, the
Netherlands)
1-to-1 E-Mail
15/16.10.2015
30
Crowdfunding Platforms RES and non-RES
Broader ECN network
(covenant of mayors,
project partners and ECN
contacts)
1-to-1 E-Mail
30.09.2015
10
Municipalities
ECN contacts: Other
project partners
(CitizenEnergy)
1-to-1 E-Mail,
Newsletter,
Facebook Post
29.09.2015
?
RES related stakeholders, Crowdfunding
platforms
ECN Website
Post on News &
Surveys
15.10.2015
?
Webpage visitors
ECN Twitter
Twitter Post
30.09.2015
14.12.2015
17.03.2016
> 1820
ECN Twitter Followers
ECN Facebook
Facebook Post
21.03.2016
> 500
ECN Facebook Like
ECN Newsletter
(September)
Newsletter
15.09.2015
> 3500
ECN members, newsletter recipients
19
ANALYSIS AND RESULTS
Descriptive Statistics of Population Surveyed
As of March 25th 2016, 49 responses to the platform survey had been received. However, several of
those who logged into the survey did not complete any questions, or only the first two, and then
dropped out of the survey. These responses were excluded from the sample. The final useable
sample comprised 27 responses. As Table 2 shows, the majority of the usable responses (37%) were
from French platforms, with around 26% from Germany. UK-based platforms represented just 7.4%
of the sample, with other European countries providing the remaining 45%. Considering that the UK
crowdfunding market is by far the most developed in Europe, it is evident that the response profile
is not directly reflective of the sector as a whole, with the propensity to engage with the survey
varying across the continent.
Table 2: Geographic coverage of the platforms
Market (multiple choice possible)
Responses (in %)
French
37.0
Germany
25.9
Netherlands
22.2
UK
7.4
Other (Poland, Spain, Denmark, Italy, Portugal and Scandinavia)
44.4
French was the most used language on respondents’ platforms (46.2%), followed by English (42.3%)
and German (26.9%). Encouragingly, given the potential of cross-border fund-raising models in the
modern global financial market, the vast majority (80.8%) of the respondents stated that they have
plans to expand to other European countries. The overwhelming majority of the sample (86.4%)
reported receiving financial support from private companies. More than half co-operate with
associations (54.4%) or receive funding from national authorities and agencies (59.1%), with the
figure decreasing to 27.3% for those receiving support from EU authorities and agencies and to
31.8% for those who are supported in similar ways at a local level.
Renewable Energy Project Share and Crowdfunding Specifications
The questionnaire next explored respondents’ experience with renewable energy projects taking
into account the crowdfunding model used on their platform. Table 3 documents the total number
of projects and RES projects respectively that the respondents had hosted on their platform in 2014.
One platform clearly stands out in the table, with more than 5000 (5407) projects online, covering
the French, German, Dutch and UK market, but only two of these related to RES. Another
respondent, covering the Portuguese market, had a total number of 325 live projects, but none were
RES-based. In terms of RES projects, the results show that most platforms (7) had between 1 to 9 in
2014. The respondent with the highest number of RES projects (60) was from the Spanish market,
followed by a French platform with 12 RES projects.
20
Table 3: Total number of projects on platform in 2014
Scale of number of projects
Total number of projects on
platform (Response Count)
Total number of RES projects on
platform (Response Count)
1 - 9
5
7
10 - 49
5
2
50 - 99
5
1
100 - 499
2
0
500 - 999
0
0
1000 - 4999
0
0
>5000
1
0
Respondents were also asked about the number of projects that had been successfully funded in
2014. Inspection of Table 4 reveals that the range between 1 and 49 successfully funded projects is
the one where the majority of the respondents lay, although one platform had 303 successfully
funded projects. This platform is based in France and covers the European market; it has already
hosted RES projects, but is not specialised in the renewables sector. More generally, the results
indicate that the total number of successfully funded RES projects is low when compared to all fully
funded projects on a platform, although a Spanish platform specialising in RES projects reported
successfully funded 60 such investments. The majority of the survey sample (8 out of 11) fell in the
range of 1 to 9 successfully funded RES projects.
Table 4: Total number of projects successfully funded in 2014
Scale of number of projects
successfully funded
Total number of projects
(Response Count)
Total number of RES projects
(Response Count)
1-9
6
8
10-49
6
2
50-99
3
1
100-499
1
0
500-999
0
0
1.000-4.999
1
0
<5.000
0
0
Again, whilst other surveys have revealed that the UK has by far the largest amount raised and
number of projects funded through crowdfunding (Crowdsurfer et al., p. 26, 2015) the prior
literature has not focused specifically on RES. However, the results of the present survey do not
21
allow robust conclusions to be drawn in terms of project activity for the UK, as only 4.3 % of the
population surveyed related to this market.
A further question in the survey enquired about the average amount (in €) raised per project. Table
5 below shows the results. One respondent, in this case operating in the Netherlands, is very
different from the rest. This platform reported an average amount raised of 1.5 million € for all
projects The highest amount raised on average for RES projects was at 300.000 €.
Table 5: Average amount raised per projects (in €)
Scale of amount raised on
average (in €)
All Projects
(Response Count)
RES Projects
(Response Count)
10 - 99
3
2
100 - 499
0
0
500 - 999
1
1
1000 - 4999
2
0
5000– 9.999
0
1
10.000 –49.999
3
2
50.000 – 99.999
6
3
100.000 – 499.999
1
1
500.000 – 999.999
0
0
1.000.000 – 1.500.000
1
0
Other studies have indicated that the French market saw a marked peak in activity in June 2014
driven by large equity projects.
Having explored the number of projects and the average amount raised per project (in €),
respondents were asked about the specifications of their platform in regard to the crowdfunding
model used - and whether they specialise in RES. The results are depicted in Figure 1 and show that
equity crowdfunding is the most popular model, used by more than half of the sample (60.9 %).
Peer-to-peer lending is the second most common model, used by around 34.8%, whereas three
other types were used by 26.1% of the sample, namely: rewards-based-crowdfunding, donation-
based-crowdfunding and debts-securities crowdfunding. These figures are in line with those
reported in the survey of public perceptions reported elsewhere in this project regarding the most
appropriate crowdfunding form for RES investments
22
Figure 1: Crowdfunding Model used by platforms
34.8%
26.1%
26.1%
26.1%
13.0%
8.7%
Peer-to-peer...
Rewards-base...
Donation-bas...
Debt-securit...
Profit-shari...
Hybrid models
What type of model does your crowdfunding platform
use?
Again, it is important to note that these findings require a degree of circumspection, as the number
of responses reflect only a sub-sample of European crowdfunding platforms. This becomes clear in
the context of the Crowdsurfer (2015) report which examined platform funding types across the
whole, and reported that the rewards-based and equity models were the most common, and
exhibiting significant growth. From 2009, the market shares of these models steadily increased,
whereas the share of donation-based crowdfunding platforms has decreased (Crowdsurfer et al., p.
23, 2015). Hence, the outcomes of the present platforms survey correspond with the findings of the
Crowdsurfer study as regards the equity model, whereas the findings relating to rewards-based
crowdfunding do not. As regards the respondents’ involvement in renewable energy projects,
several questions were posed to assess their experience. The first was formulated in such a way as
to find out to what extent the surveyed platform has experience in renewable energy projects.
Figure 2 illustrates the outcomes.
Figure 2: Involvement in RES projects
52%
9%
10%
29%
0%
The Platform is specialised in RES projects
The Platform has regularly hosted RES projects
The Platform has already hosted RES projects, but it is exceptional
The Platform has never hosted RES projects, but would host if it had
the opportunity.
The Platform never hosted RES projects because it is not with-in its
scope
Is your crowdfunding platform involved with Renewable Energy
Sources (RES) projects?
23
This question was answered by 21 respondents and the findings are divided into five areas
illustrated in Figure 2:
1. The Platform is specialised in RES projects.
2. The Platform has regularly hosted RES projects.
3. The Platform has already hosted RES projects, but it is exceptional
4. The Platform has never hosted RES projects, but would host if it had the opportunity.
5. The Platform has never hosted a RES project, because it is not within their scope
The platform is specialised in RES projects (52.4%).
Eleven of the 21 respondents can be allocated to this category.
Four cover the French market only. While two of them use the debt-securities and equity
model, one uses peer-to business lending, and the fourth one uses the equity model only
Two cover the German market only. One of them uses debt-securities crowdfunding and
the other one uses the equity as well as the profit-sharing/revenue-sharing model
One covers the Dutch market only, using the equity model only
One covers the Spanish market only, using the equity model only
One covers the Italian market only, using the equity model only
One covers the French, German, Dutch and the UK market, using all five models
One covers the Canadian market only, using the equity model and the peer-to-peer-lending
model. Note: this answer is not relevant for our present study.
The dominance of the equity model is once again revealed by these findings, although the number
of responses to this question is low. Nonetheless, the findings reveal that those respondents who
specialise in RES projects do not make use of the rewards-based model at all.
The platform has regularly hosted RES projects (9.5%).
Two of the 21 respondents acknowledged the regular hosting of RES projects. One of these
platforms use only the equity model, covering the French market, whereas the other platform uses
both equity and debt-securities crowdfunding and covers the Dutch market.
The platform has already hosted RES projects, but it is exceptional (9.5%).
This category contained two respondents, neither of whom uses the equity crowdfunding model.
One platform offers SME crowd lending on their platform and covers the French market only, with
the other using both rewards-based and donation-based crowdfunding, and covers four markets
(France, Germany, Netherlands and the UK).
The platform has never hosted RES projects, but would host if it had the opportunity (28.6%).
There were six responses in this category.
24
One covers the Spanish market, where peer to peer lending, equity, rewards-based and
donation-based models were used (note: this respondent is not a platform but an advisor to
project developers in Europe).
One covers the Portuguese market, using rewards- and donation-based funding.
One covers the German and the Dutch market using four models: rewards- and donation-
based, profit sharing, debt-securities funding, and hybrid models.
Two cover the French market; one uses peer-to-business funding, the other uses peer-to-
lending funding
One covers the Greek market, using the equity model
Following enquiry about on respondents’ specialisation, the survey next explored the different
technologies involved in the RES projects hosted by the platforms in 2014. This question was only
answered by respondents that have financed RES projects in the past; Figure 3 illustrates the results.
Figure 3: Technologies applied in RES projects
84.2%
36.8%
26.3%
21.1%
21.1%
15.8%
10.5%
10.5%
10.5%
5.3%
5.3%
5.3%
Photovol...
Wind
Energy efficiency
Solar thermal
Energy Storage
Biomass
Small hydro
Biogas
Geotherm...
Hydrogen...
Marine / Tidal / Wave
Green transportation
If your platform has financed Renewable Energy Source (RES) projects, what technology(ies) were applied in these
projects?
Photovoltaic technology was applied in more than 84,2% of the RES projects, followed (with a large
gap), by wind energy (36,8%) and energy efficiency (26,3%). Solar thermal and energy storage were
both used for 21,1% of the projects, with biomass employed by only 15,8%. Small hydro, biogas and
geothermal are ranked number 6 amongst the technologies applied in RES projects with 10,5% each
(i.e. two respondents) while the remaining technologies, namely hydrogen and fuel cells,
marine/tidal/wave technology and green transportation, were used by 5,3% each (i.e. one platform
in each case).
In terms of the average size range (in kWh) of the RES projects, the respondents had the opportunity
to give multiple answers. The outcomes, which are illustrated in Table 6, show that the lower ranges
(from smaller than 100 kW to between 1 MW and 10 MW) were the most common.
25
Table 6: Average size range (in kWh) of RES projects
Smaller than 100 kW
7
100 kW to 1 MW
7
Between 1 MW and 10 MW
7
Between 10 and 100 MW
1
100 MW and greater
0
Further contextualising of the RES projects and platform specialisation took place in the survey by
enquiring as to whether the platforms that have financed RES projects use due diligence in their
work. The question had 20 responses with the majority (16) stated that they do apply due diligence.
Of the 16 that apply due diligence, 11 have experience in conducting it in-house, whereas three
outsource it regardless of their existing experience. Table 7 illustrates the outcomes of the two
questions.
Table 7: Application of due diligence for RES projects
Application of Due Diligence (Response count)
Yes
16
Experience in applying Due Diligence (Response Count)
Yes (in house) 10
Yes (outsourced) 3
No 2
No
4
Assessment of the obstacles that crowdfunding platforms face both in general and in regards to RES
projects was one of the main aims of this survey. A number of related statements were therefore
presented in the survey and the respondents asked about the extent to which they agreed with each
one.
In regards to obstacles to crowd investors, the majority of the respondents (15 out of 21) agreed
that the lack of information and low-level experience of non-professional investors towards
alternative investment products hinder the growth of crowdfunding in their country. Similarly, 11
out of 21 agreed, and 4 out of 21 strongly agreed that: The potential lack of transparency on a
26
project’s progress after a crowdfunding investment is made is a barrier for the investment of the
crowd in projects.
The evidence about obstacles relating to project developers was not as clear-cut as in the previous
case, with the answers more evenly distributed and often neutral (i.e. neither agree nor disagree).
Six out of 19 respondents disagreed and one strongly disagreed with the notion that the process
from the launch of the project to the effective access to finance is too long for RES developers who
use crowdfunding platforms. However, four out of the 19 agreed while one strongly agreed with the
statement; seven demonstrated their neutrality (neither agree nor disagree). Interestingly,
considering the time and effort that is necessary for a successful crowdfunding campaign, the results
suggest that the respondents do not overwhelmingly agree that these issues limit the attractiveness
of crowdfunding for RES projects. Five agreed and another five neither agreed nor disagreed with
the statement to this effect, while four respondents indicated their disagreement and two strongly
disagreed.
As for the obstacles relating to the characteristics of a crowdfunding platform, the majority of the
respondents either agreed (9) or strongly agreed (4) with the view that having only a limited number
of projects on a platform is likely to discourage crowd investors / project developers. Most of the
respondents also agreed (6) or strongly agreed (7) that language barriers are a key obstacle to
attracting cross-border investors on a platform when a crowdfunding platform is only available in its
national language.
A case where respondents indicated agreement particularly strongly related to legal aspects,
namely: The absence of a European harmonised legal framework. Nearly half the respondents
indicated their strong agreement with this statement.
After completing this section of the survey, respondents were asked about any additional obstacles
to the crowdfunding of RES projects that they would like to highlight. The four concrete statements
made in this context were:
“Regulatory uncertainty (not too much regulation but changing regulation). Generic
perception of crowdfunding, drawing the same conclusions for equity, donation and debt
crowdfunding.”
“Intransparency/incompleteness of info on projects from the project developers”
“We should have one common banner: Citizen funding for energy transition in Europe, to
communicate all together!”
“Robust and sustainable RES projects. Willingness of stakeholders to work on novel business
models, needed to launch RES projects on the platform.”
CONCLUSIONS FROM CROWDFUNDING PLATFORM SURVEY
This report presents and analyses the outcomes of a survey-based investigation of the obstacles
European crowdfunding platforms face both in general and when dealing with RES projects
specifically. The study yielded a sample of 27 useable responses. Due to the rather small response
rate, the study results need to be approached with circumspection, as they do not provide a full
picture of the crowdfunding sector itself. Neither do the results fully cover the fast changing
landscape of crowdfunding platforms operating in the renewable energy sector in Europe.
The work yields five main implications as listed below. These are of relevance to, and will have
influence on, future tasks in the CrowdFundRES project, in particular the development of Policy
27
guidelines and the organisation of two Workshops with Crowdfunding Platforms and Project
Developers taking place on May 24th 2016 in Brussels.
a. The results suggest that an information asymmetry exists regarding alternative
investment products between non-professional investors and the crowdfunding
platforms. This discovery implies the need for raising awareness of crowdfunding
amongst non-professional investors and sharing information about crowdfunding itself.
Hence, it is likely to be important to find ways to give more visibility to crowdfunding
platforms, in particular RES specialised ones, going forward in order to attract investors
interested in investing in renewable energy products.
b. The outcomes illustrate a perceived lack of transparency and completeness of
information on the part of project developers. Hence, the latter group could usefully
adapt their practices and present more comprehensive and complete description of
their projects, such that potential investors will be able to place more trust in extant
plans. In this context, crowdfunding platforms should give clear instructions (e.g. a
catalogue of criteria) that need to be followed concerning project description.
c. The vast majority of those surveyed have plans to expand to other European countries
and so concerns regarding the absence of a European harmonised legal framework are a
key issue. The strength of views regarding obstacles relating to legal aspects underline
this argument. Hence, the evidence points to the need for a single legal framework
amongst EU member states that would simplify cross-border investment processes.
d. The number of RES projects on the platforms surveyed is rather low. The responding
platform with the highest number of RES projects (60) covers the Spanish market,
followed by a platform covering the French market with 12 RES projects. This evidence
might imply a lack of engagement between RES project developers and platforms,
suggesting a need to bring these parties together and thereby increase the number of
projects on the platform; this should in turn attract more crowd investors in the future.
Additionally, the results identified that the high uncertainty of financial returns on RES
projects serves as an obstacle to attracting investors; the failure of several RES projects
or projects with very low returns in the past might explain this. Two possible ways of
addressing this issue might be to: (a) promote best practices in this regard; and/or (b)
increase the use of crowdfunding models other than (the still dominant) equity, where
the focus is not solely on profit-making.
The fact that five out of 17 respondent platforms have never hosted RES projects - but would do so if
they had the opportunity - supports the conclusion above. An important task for the upcoming
Workshops with platforms and developers will involve approaching these five respondents and
finding out what specific changes would be needed to persuade them to host RES projects. Five
respondents cited specific additional barriers to the crowdfunding of RES projects and these will
need to be addressed in the Workshops as well.
28
Survey of Renewable Energy Project
Developers
METHODOLOGY
An initial draft of the questionnaire for project developers was prepared during February and March
2015 through an iterative process that involved those leading on the two surveys discussed earlier.
This concept questionnaire, together with similar drafts from the other two surveys, was tested in
moderated feedback sessions conducted at the first project meeting of the consortium in March
2015 to check for relevance of instruments among key stakeholder groups as represented in the
CrowdFundRES consortium. Structured feedback gathered from this workshop fed into pilot drafts of
the English versions of the three questionnaires, which was implemented on a University of Dundee
instance of Survey Monkey and distributed to pilot leads generated through snowballing for
volunteers through personal contacts of members of the consortium during April to check for
semantic consistency through piloting over a two-week period. Analysis of responses received did
not suggest more than minor modification and the developers’ survey was then translated into
French and German and once more piloted for semantic consistency before final dissemination.
Design of the Survey Questions
This survey contained a total of 32 questions designed to fulfil the following objectives:
1. Analyse the experience of project developers with RES project financing, considering three
methods:
a. Bank loans
b. Public funding
c. Crowdfunding
2. Major gaps and barriers related to RES project financing the have identified.
Input to this survey was sought from renewable energy project developers and other stakeholders
relevant to the development of renewable energy projects. The following types of renewable energy
project developers were identified:
- Commercial renewable energy project developers;
- Renewable energy cooperatives;
- Energy service companies (ESCOs);
- Public entities
29
Considering the objectives and the main target groups to this survey, the questions were elaborated
in three main sections:
1. Screening/characterization of the project developer;
2. Project developers’ experience and impressions regarding RES project financing via bank
loans and public funding / support.
3. Project developers’ experience and impressions about crowdfunding as a financing method
for RES projects.
Financing energy projects depend on many factors combined. The structure itself of the financing
scheme will vary upon participants/investors profile, the sources of financing and how the benefits
will be distributed. Not only is the project economic feasibility important in terms of future cash
flows and technology risks (size, capacity, grid infrastructure, energy resource availability) but other
risk factors related to project’s location and planning, such as permitting, political interests,
economic development and community support, influence in many ways the investment conditions
and therefore, the development of a project. RES projects impose additional finance challenges
which are related (among others issues) to variability of the resource availability, volatile regulation
environment in Europe, higher capital costs competitiveness with other sources of energy and
long return timeframes.
Having in mind that RES project financing is a topic that cannot be generalized because it depends
on the unique conditions of the project, this survey follows a qualitative approach. This approach
aims at collecting perceptions, experience and intentions regarding RES project developing in terms
of difficulty levels, degrees of importance, barriers, gaps, perceived potential, as well as advantages
and disadvantages. In addition, this survey provides a participative approach, with several
complementary open ended responses aiming at providing an opportunity for the respondents to
express their ideas.
This survey also attempts to analyse regional / national perceptions on RES project financing. During
the screening section, respondents were asked to choose one country of which they would consider
to respond questions with a specific regional and national scope. The intention behind this is to
understand the regional / national / local variations of the different aspects related to financing of
RES project in Europe.
Survey Dissemination
The three surveys went live on 15th June 2015, and survey dissemination was vigorously pursued
according to a strategically oriented survey recruitment plan. All project partners (and therefore
representing academic institutions, law firms, crowdfunding platforms and renewable energy firms)
disseminated them via their social media networks to ensure that a reasonably knowledgeable
sample of the target groups would engage with the questionnaires.
The distribution channels used for reaching the identified types of project developers for collecting
the input analysed in this report include:
- European and national associations of renewable energy industry associations that also have
commercial project developers as members (e.g. SolarPower Europe, APERe, EWEA)
- Associations of energy cooperatives and citizens communities (e.g. REScoop.eu,
REScoop.be, Climate Alliance, CO-POWER and Citizenergy projects)
- Associations of Energy Service Companies (ESCOs)
- The network of European Energy Agencies (ManagEnergy)
- Conferences attracting renewable energy project developers
30
- Communication networks and platforms of renewable energy experts (e.g. Leonardo Energy
and Solarplaza)
- Partners contacts and social networks
With the objective to widen the dissemination geographical scope, the survey was made available in
three languages: English, French and German. The choice of the languages follows the trends of
crowdfunding for renewable energy developments, with the largest markets being the UK, France
and Germany. The survey aimed at all countries of the EU with the target countries being Austria,
Belgium, France, Germany, the Netherlands and the UK.
It is difficult to gauge the exact response rate as we do not know the total number of recipients to all
different lists used. We do know that the initial invitation was sent to more than 2500 contacts with
a project developer profile, from which 239 users responded to the invitation visiting the survey
(9.6% maximum) with 132 of them actually entering the survey space which indicates a response
rate of 5.3% maximum.
Out of the 132 active survey respondents, 66 provided significant input, which has been processed
to produce this report. From these 66 respondents, 32 responded to all questions of the survey.
ANALYSIS AND RESULTS
Descriptive Statistics
The project developers who have answered the survey were characterized considering the following:
Company structure
Renewable energy technology expertise
The size range of the projects
The geographical coverage of their activities
Experience in RES development
Previous experience with crowdfunding
Company Structure
The targeted groups for this survey were the main actors from RES project developing activities,
such as commercial project developers, renewable energy cooperatives, municipalities and ESCOs.
The survey reached all its main target groups with a balanced distribution of the participation of
different actors involved, where most of the survey respondents (37) represent privately owned
commercial developers, within the category “Limited company”. The survey also reached 8
cooperatives, which is an important target group for RES project developing with crowdfunding.
31
Energy cooperatives represent important forms of local community based ownership of renewable
energy projects. The cooperative concept often shares similar principles with the crowdfunding
concept and has a complementary potential when it comes to RES project developing.
Six respondents identified themselves as an ESCO. ESCOs are also a relevant target group in this
survey, since the central scope of their activities are compatible with the profile of crowdfunded
projects. ESCOs are normally associated with the developing of small and medium scale sized
projects that have the potential to bring revenues/savings, for example, solar thermal, solar PV in
combination with energy efficiency measures.
In the “Others” category, project developers represent different groups such as energy agencies,
international and non-profit organizations as well as consultants. Six respondents have claimed to be
a non-profit and have further identified themselves as one social enterprise and four associations,
for which one is a farmers’ association. Farmers are often land owners with the potential of using
their land for hosting RES projects.
Although with a smaller representation, three respondents from public entities replied to the survey.
Their view is important to us because public entities have roles in different stages relevant to RES
project developing, for example:
As one party in energy provision, e.g. generation, transmission, distribution or operator.
Elaborating policy, regulation and incentives.
Being the control authority for permitting and licensing, construction, performance and
security regulation.
Promoting and engaging the community.
A direct beneficiary in RES projects for public use.
Technology
In this question, the term technology refers to different sources of renewable energy generation as
well as to different kinds of projects such as energy efficiency and green transportation.
The range of different technology expertise covered in this survey is quite wide. As shown in Figure
1, around 80% (55) of the respondents of this question are involved in PV project developing.
Besides PV, energy efficiency and wind energy are among most of the project developers’
capabilities. The category “Others” includes the involvement of two respondents in smart grid
projects, clean coal and clean gas technologies, which involve approaches that mitigate emissions of
carbon dioxide.
32
Although a technology focus seems to be apparent for PV projects developers, it is important to
note that most of the developers who answered this survey work with a portfolio of different
technologies. It is unknown to the extent of this survey results what is the share of project expertise
of each company here represented.
The involvement of project developers with experience in renewable energies technologies with
lower levels of market uptake, such as geothermal (6), and marine / tidal / wave (4), and hydrogen
and fuel cells (3) might be worth to consider for further exploration by both project developers and
crowdfunding platforms in terms of innovative financing mechanisms: could crowdfunding fill the
gaps as an alternative and viable financing method in order to improve competitiveness of these
sources? This could be beneficial for the crowdfunding platforms to shape innovative investment
tools which could fit with their interests of broaden their scope of projects and attract more project
developers’ and investors.
Project Size Range
As Figure 2 indicates, the project developers who answered the survey have experience with
projects with a wide range of sizes, with the majority having developed projects under 10MW. More
than 50% however, have developed projects between 100kW to 1MW.
Figure 2 – Project Size Ranges
The size scale of a RES project influences the volume of necessary investment, affecting directly the
suitability of the project for different types of investments models, including crowdfunding. Larger
projects require larger investments volumes which are more accessible by traditional financing via
banks. On the other hand, medium to small scale projects are harder to be financed by banks and
this is the case where crowdfunding holds great potential for offering investment solutions. Another
important factor influencing financing is the regulation and respective financial incentives policies
which vary accordingly to project’s capacity.
Geographical Coverage
Respondents were asked where their companies are active and allowed to select as many countries
as they would like to. Therefore, the answers provided a good indication that the survey covered a
broad geographical scope of project developer’s activities.
33
The project developers who responded to this survey are active in most of the EU28, except for
Cyprus, Lithuania and Slovenia. In the “Others” category, respondents claimed activity in parts all
over the world, with focus on Middle Eastern countries, South America and Africa.
Activities involved in RES project developing have become in the recent years a quite dynamic and
expanding market, especially overseas. For that reason, it is possible to observe a tendency for
global operations from the results of this question.
Table 8 reveals that the UK and France had the largest representation in the survey. Significant input
was also given from Ireland, Belgium, Spain, Germany, Italy and the Netherlands.
Respondents were then asked to follow up the survey by selecting one country of which they would
consider to respond questions with a specific regional and national scope. The intention behind this
question was to understand the regional / national / local variations of the different aspects related
to financing of RES project in Europe approached in this survey.
Our goal was to cover the main crowdfunding and renewable energy markets in Europe, since little
data is available on the market of crowdfunding specifically for renewable energy.
The distribution of the countries selected for answering the survey was similar with the geographical
coverage of developers’ activities. The main represented countries were still the UK, France, Ireland,
Belgium, Spain, Germany, Italy and the Netherlands, which are among the EU leading markets in
renewable energy. The UK, France, Germany, the Netherlands, Italy and Spain are also between the
largest crowdfunding markets, considering the number of active crowdfunding platforms and raised
investment. The share of “Others”, however, has changed from 15 to 4 which allow us to narrow
down more precisely the boundary for European level responses for the survey as an aggregate
result. In addition, it is possible to narrow down to national level the specific opinions expressed by
the respondents.
Table 8 Number of responses
United Kingdom
16
Portugal
4
France
15
Austria
3
Others
15
Bulgaria
3
Ireland
10
Croatia
3
Belgium
9
Luxembourg
3
Spain
9
Estonia
2
Germany
8
Hungary
2
Italy
8
Latvia
2
Netherlands
8
Poland
2
Sweden
6
Czech Republic
1
Finland
5
Denmark
1
Romania
5
Malta
1
Greece
4
Slovakia
1
34
Experience with RES Projects
Not all respondents are experienced project developers or have actually been involved in project
developing. Of those who responded “No” to this question, 2 are associations and 4 are commercial
organisations, which could be that they are starting their activities, but also, it could mean they are
involved in developing RES projects only indirectly. The 12 who reported that they are currently
planning to build a RES project in the selected country are part of a combination of commercial
companies, cooperatives, non-profit organisations and ESCOs.
Three project developers in this question claimed not to have been able to conclude a RES project in
the specified country: Croatia, Spain and Belgium. When further investigated about the reason for
giving up, most of the answers involved bad experience with local bureaucracy and uncertainty
regarding legislation. Finally, 37 respondents have confirmed previous experience in implementing a
RES project in the selected country. This particular result confirms the inclusion of the main target
group in this survey which are the commercial organisations directly involved in the RES project
developing. However, the other 21 respondents who have not been involved in RES project
developing also represent an important perspective of different backgrounds and experiences
related to RES project developing which also have the potential to bring useful input.
Experience with Crowdfunding for Renewable Energy
Inspection of Table 2 indicates that all respondents were familiar with crowdfunding, with most
capable of relating it to RES project developing although they have never used it. Out of 42
respondents to this question, 8 are not aware of the possibility of using crowdfunding as a RES
project financing mechanism.
Table 2 – Familiarity with Crowdfunding for Renewables
How familiar are you with Crowdfunding?
Total
What is crowdfunding? (No knowledge)
-
I’ve heard about it, but what does it have to do with RES project financing?
8
I know crowdfunding, but I have never used it for financing any part of a RES project.
26
I know crowdfunding and I have used it for financing at least a part of a RES project.
8
Total
42
The survey reached a few developers with experience in crowdfunding for renewable energy, which
in total represent an exact number of 8 out of 42 project developers’ responses.
Financing RES Projects
This section of the survey corresponds to the questions regarding RES projects financing. The
objective was to analyse what are the perceptions of project developers in RES project financing as
well as identify some of the biggest gaps. In some countries, there are requirements for projects to
have a define proportion of equity capital and project developers were asked about this. These
requirements vary significantly not only from different regulations, but also from business to
business and case by case circumstances.
35
Table 3 – Required Equity Percentages for RES projects
Ranges
Number of answers
10% - 20%
8
21% - 30%
4
31% - 40%
4
More than 40%
3
Skipped
1
Total
19
The equity percentage required by a developer is a strategic decision usually made based on risk
assessments. Therefore, the reason behind this question is to understand what percentage
developers are usually willing to cover by themselves in order to see if there’s space for
crowdfunding.
Most respondents indicated that there are no such requirements regarding this, because this is
related to each project’s investment profile. The respondents who answered “yes” for their
respective country, were asked to further indicate the percentages of required equity capital in RES
project financing. Table 3 documents higher numbers of responses between 10-20% and up to 40%.
This indicates that there is a potential for crowdfunding to fill this requirements. However, care
should be taken, since the share of equity of a project does not only depend on local regulation, but
it depends on the financing structure of the project.
Experience with Securing Finance for RES projects
Survey participants were also asked to assess any perceptible changes in securing finance for RES
projects in the short term for their selecting countries. This question aimed at collecting a general
trend for financing RES projects in the EU in the view of project developers.
3
10
17
14
11
Easier: financing is available and terms are attractive
Moderately easier: financing is available and terms are becoming more
attractive
No measurable difference
Moderately harder: financing is available but the terms are unattractive
Harder: financing is less available
Figure 3 - Experiences of RES financing versus 12
months ago
36
The objective was to understand the potential scenario for crowdfunding to play a role as an
alternative financing method. The RES market and therefore its sources of financing are sensitive to
policy and regulatory signals. RES policy has been changing drastically for the past 10 years and we
would like to detect how RES project financing can be dependent on short term changing in
financing / policy context. In a further step, these results will be combined with the annual report on
crowdfunding and energy regulation also being developed under the CrowdFundRES project. Figure
3 notes that 25 respondents believed that in the short time obtaining finance for RES projects has
become harder, whereas 13 believe it has improved. A large portion remained neutral (17), claiming
no measurable difference within the past year. Country-by-country analysis revealed cross-border
variances. For example, in France, 6 out of 9 saw financing to be easier now, compared to only 2 out
of 6 in Germany.
Experience of Securing Finance via Bank Loans
The questions in this section aimed to obtain a qualitative perspective of project developers in
financing RES projects through bank loans. The majority of project developers who took the survey
have experience in obtaining bank loans for RES projects.
In order to obtain a comparison of the duration of the different financing process evaluated in this
survey, the developers who had experience with financing RES projects via bank loans were asked to
how many weeks it takes to conclude the process on average. Project developers were asked in
sequence about the level of difficulty in getting bank loans. More than half of the project developers
agreed that it is difficult to obtain bank loans for RES projects.
Table 4 – Responses to Statement: “It is currently difficult to get back loans for RES projects”
Strongly Agree
12
Agree
15
Neither Disagree nor Agree
12
Disagree
7
Strongly Disagree
0
Total
46
As Table 4 indicates, 12 have demonstrated neutrality, while 7 disagree to the affirmation and none
of the respondents selected “Strongly Disagree”. There is no apparent difference in terms of
difficulty perceptions between those with concrete experience with bank loans and those who have
claimed not having used bank loans for financing. As the following table disaggregates, many have
showed neutrality to the affirmation and in both cases more have agreed to the fact that is currently
difficult to finance RES projects via bank loans.
Project developers were also asked about their impressions on banks having negative biases on RES
projects, for example due to challenges that result in high financial risk, for example, unforeseeable
development issues and reliability of technology. More than one third of the respondents to this
question answered yes and the reasons why are related to their individual experience according to
37
the further explanations given by some of them during the survey. Most mentioned the limited
knowledge of bankers in RES in order to properly assess risks. Another aspect frequently said is that
banks are negatively biased due to the high uncertainties caused by the constant changes in the RES
legal framework and low support from governments financially. Some respondents provided
feedback to local issues. More specifically for example, respondents from Greece mentioned the role
that the current financial situation plays in contributing to the increase in the opposition of the
banks in offering loans for RES projects. Input from Ireland attempts for biases against small
community projects, for example in the case of renewable energy cooperatives. Besides a general
lack of training and qualification about renewable energy and the risks of a project, they also claim
that the process is subject to political interference.
In Italy it was mentioned that there is a larger necessity for warranties when it comes to RES
projects: “Although banks have generally developed, in previous years, specific products for
renewable projects, they tend not to encourage their use and suggest instead the use of standard
financial products with high cost and ask for a large support of customer warranties.”
Local/ National / Regional / EU funding programs
In this part of the survey, the questions aimed at identifying available sources of public funding and
the project developer’s perceptions about it. Amongst those who had received public support, the
existent regional support programs for RES mentioned were as shown in Table 5.
Table 5 – Existing Support Programmes for RES
Netherlands
- Stimulation of Sustainable Energy Production
- TKI (annual budget available to provide financial aid for innovative projects in
renewable energy)
Germany
- Germany Renewable Energy Act (EEG)
- Grants from the Federal Ministry for Economic Affairs and Energy
Italy
- Tax deduction of the total cost for natural persons.
- Feed-in Tariffs
- Conto termico: partial reimbursement of expenditure for thermal energy
production projects.
- Tenders issued by local public administrations
Croatia
- Business Innovation Croatian Investment Agency (BICRO)
Spain
- JEREMIE energy
France
- Fond Chaleur; Fonds BEI
- Subventions françaises Bercy DG Trésor, programme
- Agence française de développement local
- Fonds Régional d'Excellence Environnementale Poitou-Charentes (FREE)
- OSEO - ADEME
Ireland
- SEAI Grants
Europe
- Horizon 2-2-
- European Regional Development Funds (ERDF)
The majority of the respondents to this question (16 out of 26) have never obtained funding via
support programs from regional authorities. The reasons for the low adhesion in local support
programs can be related to the difficulty (or impression of being difficult) in obtaining the funding.
Project developers with experience with support programs have a more positive view on the
difficulty of the process. Regarding the duration of the process in obtaining support from EU or local
38
programs, most of the project developers with experience in this kind of financing mechanism
replied to be difficult to evaluate, since it varies quite significantly or because they did not have the
access to this information. From the rest, it is possible to see that the majority says it takes about 20
to 30 weeks.
Barriers Related to RES Project Finance
Following the assessment of project developers’ experience with bank loans and regional support
programs, the survey questions focus on the barriers in securing finance for RES projects. When
asked about the main obstacles, project developers ranked the issues listed below in the following
graph, from different levels, from “Very important” to “Very unimportant”. Table 6 shows the
ranking of the issues according to what the majority of the project developers have chosen. In
conclusion, uncertainties involving policy framework, infrastructure such as the grid access as well as
over planning and consenting processes represent the major obstacles.
Table 6 – Barriers to RES
Uncertainties over policy framework relating to incentives or support mechanisms
1
Uncertainties over securing the necessary infrastructure including grid access
2
Uncertainties over planning and consenting processes
3
Uncertainties over securing a satisfactory offtake / Power Purchase Agreement
4
Uncertainties over the availability of other sources of funding to sustain the company's growth
plans
5
Too much documentation required in order to process the loan request
6
No low interest loans provided by state owned or private banks
7
Too much equity capital required
8
Uncertainties over securing a satisfactory EPC / Turnkey / O&M contract, level of defect and
performance warranties
9
Interest rates are too high
10
Due diligence requirements including deal timetable
11
Inappropriate size of your request (project too small)
12
Inexperienced management team (no track record)
13
Uncertainties over technology performance
14
39
Survey respondents were also encouraged to explore further the barriers and bottlenecks related to
project finance and leave their own remarks in an open response field. Their visions on the main
barriers regarding RES project finance could be summarised as: Cost-competitiveness with other
sources of energy; Uncertainties regarding support schemes and RES incentives; Lack of knowledge
in renewable energy; Lack of incentives.
Table 7 – Responses to the Question: “How Familiar are you with crowdfunding?”
Total
What is crowdfunding? (No knowledge)
-
I’ve heard about it, but what does it have to do with RES project financing?
8
I know crowdfunding, but I have never used it for financing any part of a RES project.
26
I know crowdfunding and I have used it for financing at least a part of a RES project.
8
Total
42
Crowdfunding for Renewable Energy
The questions in this section aimed at collecting the perception about crowdfunding for RES projects
from developers who answered that they have already used crowdfunding.
The results for this question, summarised in Table 7, indicate that project developers are aware of
crowdfunding. Zero project developers have replied not having knowledge about crowdfunding. This
is a positive result because it shows that the concept of crowdfunding is already known by the
respondents. However, 8 project developers would do not relate crowdfunding as an actual
mechanism for financing of RES projects. A good sign is that, even though the majority (32) has
never used crowdfunding, 26 are aware that this could be used as a method of financing RES
projects, although they have never used as such. The mix of technology covered by these
organisations is also quite diverse. The majority works with PV and Energy Efficiency; however, they
have claimed to work with several other technologies, such as storage, biomass and wind. The
project developers who have used crowdfunding have experience with both equity-based
crowdfunding (contributors become shareholders in the project) and debt or lending based
crowdfunding (contributors receive interest on amount lent). One developer mentioned having
participated in a compensation based crowdfunding campaign, namely Sweat Equity, for a project
aiming at developing a new technology.
Most of the project developers had positive experience with crowdfunding. According to RES project
developers who have used crowdfunding, the main advantage of this financing mechanism is related
to the facility and the time length of the process (see table below). According to 2 project
developers, crowdfunding made financing easier and faster. Also, crowdfunding helped to improve
the project visibility in terms of public acceptance. Regarding the costs, some of the respondents
seem quite divided: one believes it was cheaper, but one believes it was more expensive. The
differences related to costs of crowdfunding are associated to the individuality of each project and
country. Costs vary from case to case and depend on many factors associated to investment risks
and expected return from the investors. Trying to understand these factors will be part of the
following project activities.
40
Out of 8 project developers with crowdfunding experience, five replied to the question regarding the
time length to obtain the funding. One developer mentioned his project to take 8 weeks for being
funded and other two participants have responded saying it took about 12 weeks, while another one
mentioned 40 weeks. One cooperative described a campaign that lasted for 10 months which was
organized by them and not via a crowdfunding platform. The rest of the respondents mentioned the
campaign to be ongoing or that this information was not available. When asked about their overall
experience with crowdfunding for RES financing, project developers are positively in favour of
repeating the experience and recommend it. Seven would consider re-using it. Participants were
encouraged to explain why they would or would not use/recommend crowdfunding for RES projects.
The reasons given are shown in Table 9:
Table 9 – Reasons for not Recommending/Using Crowdfunding for RES
“Crowdfunding is the perfect way to connect people in the area of the RES project.”
“Easy way to raise money from people that are willing to invest (and have the money) at low interest
rates.”
“As alternative and faster finance device.”
“It is a great alternative to the common financing options.”
“Less loans available in the financing banks.”
“Crowdfunding could be used to promote renewables in regions that they lack electricity, better than
private investments…”
“Very limited financing alternatives.”
“Need of a decentralization policy for energy production and a new appropriation of RES power plants by
citizens: "energy by people for people".”
“We already have the full infrastructure set up. Very low cost of obtaining the money. Investing means
more involvement from our members.”
“It's a good way to get people in the community involved in the process as well as opening the process to
other people across Ireland.”
“Community buy in.”
“New laws allow easier equity funding from unaccredited investors.”
“Facilitates local public acceptance of projects, including wind power, involving the local population.”
“Facilitates financing from own funds in projects.”
“Contributes to the citizen energy transition.”
“To promote local acceptance and raise equity cheaper than current market conditions.”
“Increase local acceptance - reducing the required equity interest.”
“Interesting approach.”
41
Crowdfunding x Bank Loans x Support Programs
In this section, we make a comparison between the different financing mechanisms approached in
this survey in terms of the project developers’ impressions on difficulty levels and their data
provided for duration of the financing process. The summary of the answers regarding the difficulty
level of each type of financing mechanism is shown in Table 10. The integer values in the table mean
the number of responses for each item. The fractions inside the parenthesis mean the index:
number of responses / total of responses. Although there is different amount of responses and
perhaps too low of a sample to withdraw concrete conclusions, the index provides us with a notion
of proportion.
Table 10 – Difficulty with Specific Financing Mechanisms
How difficult did you find the
process?
Bank loans
Support programs
Crowdfunding
Very easy
0 (0.00)
0 (0.00)
3 (0.38)
Easy
7 (0.15)
5 (0.21)
4 (0.38)
Neither easy nor difficult
12 (0.26)
10 (0.42)
1 (0.13)
Difficult
15 (0.33)
6 (0.25)
2 (0.13)
Very difficult
12 (0.26)
3 (0.13)
0 (0.00)
Total
46 (1.00)
24 (1.00)
8 (1.00)
Apparently, there is a positive reaction from those with experience in crowdfunding regarding the
easiness of the project, although with exceptions. For bank loans and support programs, zero project
developers affirmed to be “very easy” and more respondents have identified the process as difficult
or very difficult. On the other hand, the answers for crowdfunding show a different trend; more
respondents have identified the process to be easy or very easy, while no project developers have
identified it to be “very difficult”. For support programs, there could be an indication that perhaps
they are easier than bank loans, due to a larger proportion of neutral answers.
42
The survey investigated how long it takes for each of the financing mechanisms to be completed in
the experience of the project developers. In Table 10, the integer values are the number of
responses for each item. The fractions inside the parenthesis mean the index: number of responses /
total of responses. Half of the project developers who answered this question affirmed that bank
loans take 10 to 20 weeks in their experience, which could indicate some consistency. It is with bank
loans type that the highest share of developers saying in average taking less than 10 weeks to
complete the process which could be an indication that bank loans are the faster process.
CONCLUSIONS FROM PROJECT DEVELOPER SURVEY
This section summarises the findings of the survey: renewable energy project developers
perception of crowdfunding. This survey was designed to collect the impressions of renewable
energy project developers regarding financing, public funds and crowdfunding.
In general, project developers identify a hostile environment for financing renewable energy
projects with bank loans as well as with public funding from regional support programs. The reasons
project developers raised for that can be summarized as:
Cost-competitiveness with other sources of energy.
Uncertainties regarding support schemes and RES incentives.
Lack of knowledge in renewable energy.
Lack of incentives.
Eight project developers claimed to have experience with crowdfunding for RES projects from the
Netherlands, Germany, Sweden, Spain and France. The different countries here represented could
mean that crowdfunding is already a European spread financing mechanism, despite the low uptake.
These project developers have identified themselves as part of different target groups, such as
commercial companies, cooperatives, one public entity and one association. This indicates that
crowdfunding has the potential to broaden the ownership models of RES projects.
In terms of overall satisfaction, most of the project developers had a positive experience with
crowdfunding and are positively in favour of repeating the experience and recommend it. The main
advantages of using crowdfunding raised by developers are:
Simpler and faster process
Improvement of public acceptance
Regarding the costs of financing via crowdfunding no concrete conclusion could be extracted in this
survey and will be further investigated.
Participants with no experience in using crowdfunding have shown positive intentions regarding the
possibility of using it in the future.
43
Overall Survey Conclusions
This report provides an overview of the results of three surveys directed at: (i) the EU public; (ii)
crowdfunding platforms; and (iii) RES project developers. The findings provide a detailed picture of
the current state of opinion across the EU regarding the present state and future potential of the
sector, and should serve as useful input to the formulation of guidelines and policy
recommendations.
The evidence suggests that there are grounds for optimism about what might be achieved going
forward. In particular, there was clear evidence in the public survey of widespread positivity
regarding the prospects for crowdfunding for RES, allied to findings that suggest prior experience of
such funding is more likely to encourage its use for RES in the future. Similarly, the survey of project
developers indicated that the positive link between prior experience and the propensity to become
involved again in crowdfunding for RES was also evident amongst these groups.
However, when looking at the future development of the renewables crowdfunding sector it is also
important not to lose sight of some of the less favourable perceptions revealed in the current
document. First, and notwithstanding the positive experiential evidence reported by project
developers, these respondents perceived the environment for crowdfunding of RES to be
unfavourable, reflecting concerns over cost, lack of incentives and knowledge gaps. Some of these
issues underpinned the worries evident in the survey of crowdfunding platforms. The evidence in
the latter suggested that: information asymmetry between non-professional investors and
platforms; lack of transparency on the part of project developers; and the failure to develop a
common legal framework across Europe are all perceived as substantive problems by those involved
with funding co-ordination. Thus, optimism about the inherent advantages and potential of
crowdfunding for RES seems to co-exist with developer and platform concern over transparency,
cost and (the absence of) regulatory harmonisation.
Any recommendations should therefore be carefully married to underlying perceptions regarding
the sector that are multi-layered, complex and in terms of providing clues as to the likelihood of
progress – not necessarily consistent. This is a picture as one would expect it arising from the very
rapid development of a sector that is based on continuously changing technologies and crosses the
boundaries of legislatures each pursuing these developments in terms of their own means,
perspectives and approaches while trans-national bodies including the EU seek to balance
competitive diversity with the need to encourage compatible approaches and outlooks to alternative
sources of finance to help further build the green economy.
44
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45
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... The awareness levels of crowdfunding within the Scottish business community was 76% (Twintangibles, 2013). A survey by CRUCIAL (2016) found that there was a high general awareness of crowdfunding in Europe while Bergmann et al. (2016) finding that 90% of the public in the European Union are familiar with the concept of crowdfunding. However, prior studies in developing countries find that this is not the case. ...
... CRUCIAL (2016) finds that 86% of the respondents would consider using crowdfunding as an option to raise finance for their enterprises. Bergmann et al.'s (2016) survey conducted on the European public finds that 45% of the respondents had prior experience in investing in a crowdfunding platform while 39% of their respondents are willing to invest in renewable energy projects through crowdfunding platforms. Moon and Hwang (2018) find that around 70% of the general public in Korea is willing to participate in crowdfunding a technology project, although the amount they are willing to invest is very low. ...
... Moon and Hwang (2018) suggest that the most appropriate crowdfunding model for technology projects in Korea is the donation-based model while in Turkey, the most preferred crowdfunding model from the point of view of the fundraiser is the reward-based model but backers prefer to use the equity-based model (Sirma et al., 2019). For renewable energy projects, the most preferred crowdfunding model is the equity-based model, as found by the CrowdFundRES Survey (Bergmann et al., 2016). However, a study by Nigam et al. (2018) suggests the lending-based model to be the best crowdfunding model to finance renewable energy projects. ...
Article
Purpose The objectives of this study are to determine the level of awareness of crowdfunding and green projects among Bruneians, to investigate the preference of Bruneians regarding funding through crowdfunding as well as to evaluate the willingness of Bruneians to use crowdfunding as a funding alternative for green projects in Brunei. In addition to that, this study aims to identify the effects of environmental awareness and environmental concern on the willingness to crowdfund green projects. Design/methodology/approach A total of 177 responses from an online questionnaire distributed via convenience and snowball sampling was used for data analysis. Frequency, descriptive, correlation and regression analyses are used to achieve the aims of this study. Findings The study finds that the awareness of the concepts of crowdfunding and green project is high among Bruneians, but the level of their familiarity of crowdfunding platforms and climate change issues is very low. Regression analysis carried out to test the effects of awareness and concern on willingness indicates that while environmental concern has a significant positive effect on the willingness to support crowdfunded green projects, environmental awareness is insignificant. Originality/value The study highlights that government policy should be aimed at not just increasing awareness but at increasing the knowledge of the impacts of climate change issue that will raise concern and improve participation of residents in green projects. The study focuses on a rarely studied population, the people of Brunei.
... Each crowdfunding platform can individually decide which projects they classify as green. Information asymmetry between investors and entrepreneurs (Bergmann et al. 2016) is another prevalent risk, where investors are usually non-professional, without comprehensive understanding of business-related criteria or risks (Vasileiadou et al. 2016) and are influenced in their decisions by "herding behaviour" of the crowd (Adhami et al. 2017). Moreover, the technology of green projects (e.g. ...
... Hence, crowdfunding projects come along with a non-negligible risk exposure (Vasileiadou et al. 2016) and low investor protection at the same time (Adhami et al. 2017). Other risks related to crowdfunding are cyber insecurity (Lam and Law 2016) and lack of a common legal framework in Europe (Bergmann et al. 2016). ...
... To increase the legitimacy and importance of crowdfunding as an adequate means of financing sufficient investor protection has to be provided which requires governmental support and regulation (Bergmann et al. 2016;Bonzanini et al. 2016;Vasileiadou et al. 2016) in a way that it fosters the scaling up of crowdfunding in Europe but does not hamper innovation (Caneva and Alonso 2018). Table 9.2 gives an overview on existing green crowdfunding platforms in Europe. ...
Chapter
The objective of this chapter is to delineate the potential of fintech and blockchain to unlock the mobilization of green finance and to overcome respective barriers by explaining the key functionalities of applications including their key benefits and limitations. Fintech and blockchain facilitate access to new sources of finance and investment, from a larger investor base—especially from private investors. In addition, they operate in decentralized systems, bypassing traditional intermediaries such as banks or other financial institutions, decreasing costs and inefficiencies. Blockchain technology further enables effective monitoring, reporting and verification, increases transparency and accountability and reduces the risk of greenwashing. However, uniform standards and definitions for green finance as well as adequate legal and regulatory frameworks are still required.
... Among 66 energy crowdfunding project proponents surveyed, about 59% are private companies (either limited companies or ESCOs), about 12% are cooperatives, 4% are public entity (e.g. municipality) and 20% are classified as 'others' (Bergmann, Betz et al. 2016). Nonetheless, future versions of the database here presented will better differentiate among different types of companies, as more evidence is needed on this topic in order to better analyse the role of public authorities are proponents of projects in energy crowdfunding (either directly or through controlled companies). ...
... Crowdfunding is in some cases reported to make investments easier and faster. In other cases it is also reported to be cheaper, despite the fact that costs vary from case to case according to the size and type of the project, and the relative investment risk and expected returns (Bergmann, Betz et al. 2016). ...
... Most of the platforms are financial models, offering monetary returns on the investments, on average in the 4% to 9% range (apart from three outlier campaigns on funds published by Trillion Fund offering about 13% return) ( Figure 19). Initial evidence shows that it is indeed the combination of economic attractiveness and environmental and ethical concerns which triggers and motivates individuals' investments in energy crowdfunding (Abundance Generation 2014, Bergmann, Betz et al. 2016). A recent survey exploring perceptions of EU citizens regarding the use of crowdfunding for renewables rank transparency, expected returns and sustainability impact as the most mentioned factors affecting the decision to invest (Bergmann, Betz et al. 2016). ...
Technical Report
Full-text available
The objective of this study is to provide a better understanding of the applicability of crowdfunding to the district heating sector in Europe. It is part of the work package “Replication – Business models (WP6)” of the TEMPO Temperature Optimisation for Low Temperature District Heating across Europe – project. TEMPO focuses on innovative technological solutions for district heating systems. The study firstly reviews the energy crowdfunding sector presenting evidence on market developments and an overview of how crowdfunding models have been used to finance energy projects. Then it looks into how crowdfunding could be applied to the district heating sector, exploring which could be the benefits of using such innovative financing instrument in district heating investments.
... One of the most common characteristics of persons who participate, or consider participating, in crowdfunding is the desire to invest their wealth in a socially responsible manner. In the CrowdFundRES report summarising the findings of our survey of EU Citizens from the first phase of the project the second most important characteristic for investing was the "sustainability impact" of the investment (Bergmann et al., 2016). A majority of these same respondents also stated the model of investment, expected rate of return, technology type and stage of project development were important to their investment decision-making. ...
... The respondents invited to complete the survey were primarily identified through the Survey of EU Citizens conducted earlier in the project (Bergmann et al., 2016), supplemented with further networking among the CrowdFundRES consortium members. The objective was to question persons knowledgeable of crowdfunding and alternative finance investment methods. ...
Technical Report
Full-text available
The report presents the findings of an online survey conducted over Spring and Summer 2016 at the European level regarding characteristics of economic agent decision making in the crowdfunding marketplace for renewable energy projects.
... The overall viewpoint of EU citizens regarding crowdfunding for renewables has been shown in the CrowdfundRES project to be very favourable (Bergmann et al., 2016). ...
... Empirical show that the use of stretch goal is associated with better project funding performance, and this positive effect is even stronger for projects with higher levels of community engagement. Ariel et al. (2016) presents the findings of three online surveys conducted in the second half of 2015 at the European level regarding perceptions about crowdfunding in the renewable energy sector. ...
Chapter
Full-text available
G-S interactive finance framework is the ideal one to enhance the success rate and efficiency of utilities tunnel projects. Government/non-profit organizations/individuals (G part) and profitable social organizations/individuals (S part) are the counterparties to the G-S interactive finance framework. Utilities tunnel projects flexibly select one funding model or several funding modes to maximize the management revenue. Choice of suitable funding mode (like debt funding, equity funding, internet finance) is important to acquire enough construction capital for these types of projects. According to the number of investors, size of the financing, financing tenure, and finance procedure convenience, every funding mode has its own special character, usage, scope, and procedure. This chapter explores crowdfunding pledging analysis for these types of projects. Small projects of utilities tunnels can use crowdfunding mode, and big projects of utilities tunnels can use crowdfunding mode gradually.
... Bergmann et al. (2016a) present the results of three online surveys conducted in 2015 in the European Union to assess the public's perception of crowdfunding RE projects. The first survey is based on European citizens' perception of crowdfunding RE projects (seeBergmann et al. (2021)). ...
Thesis
Full-text available
This PhD thesis focuses on issues related to the financing, the determinants and the barriers of renewable energy (RE) in the energy transition. To address these issues, we focus in Chapter 1 at identifying the determinants of solar PV capacities' deployment, and at investigating their dynamics depending on the conditions on the oil market. To this end, we estimate a threshold model on a wide sample of countries and show that the dynamics of oil prices affect various determinants of solar PV deployment. An increase in oil price growth above 6.7 % per annum stimulates solar PV capacities: rising oil prices reduce the relative costs between oil and renewables, making renewable investments relatively more affordable. We also find that energy factor endowments and policy support are significant drivers for solar PV development. In Chapter 2, we investigate the market reaction to announcements linked to core and non-core activities of Total and we examine how financial markets react such announcements. Performing an event study, we show that the market reaction to announcements relying on Total’s climate strategy as well as its upstream oil and gas strategy is significant and negative but the market reacts more negatively to the latter. Finally, Chapter 3 analyzes the financing of RE projects in France by paying particular attention to crowdfunding. To this end, we use a discrete choice experiment methodology to investigate French people's preferences in terms of RE projects' financing and pay attention to the monetary issue. We highlight that crowdfunding may be viewed as a promising financing vehicle for the energy transition.
... Bergmann et al. (2016a) present the results of three online surveys conducted in 2015 in the European Union to assess the public's perception of crowdfunding RE projects. The first survey is based on European citizens' perception of crowdfunding RE projects (seeBergmann et al. (2021)). ...
Article
This paper investigates the determinants of solar photovoltaic (PV) deployment in the electricity mix for a panel of OECD and BRICS countries from 1997 to 2016 by paying particular attention to the impact of oil market conditions. Relying on a nonlinear, regime-switching specification, we show that rising oil prices stimulate PV deployment only if their growth rate exceeds 6.7% per annum. Although we find that various other determinants matter—with the influence of some of them depending on the situation on the oil market—public policies play a crucial role.
... As of yet, the majority of crowdfunded energy projects regard wind power and solar PV, and offers monetary returns on investment in the range 4%e9%. According to the survey [59], transparency, expected returns, and sustainability impact are the most important factors determining the decision to invest in energy crowdfunding in Europe. Crowdfunding in DH is not significant yet. ...
Article
Full-text available
Temperature reduction plays a key-role in increasing the energy efficiency of existing European district heating (DH) systems and, most important, in allowing a higher and more cost-efficient integration of sustainable low-temperature sources. However, technical, economical and legal barriers hamper the necessary investments. Purpose of this study is the elaboration of business models encouraging a substantial temperature reduction in existing DH systems and enabling the transition towards the 4GDH. Particular focus is paid on solutions incentivizing the deep implementation of measures on the demand side to reduce the network return temperatures. The information collected through the review of international success stories and through interviews with stakeholders is used to derive recommendations for business models and propose new ideas for Austrian DH utilities, though the replicability in other countries is not excluded. The elaborated solutions are intended to overcome the main barriers acting in synergy on three levels: 1) customers’ engagement in fault detection and in temperature reduction; 2) financing of fault detection and optimization measures through strategic partnerships and crowdfunding platforms; 3) Energy Saving Contracting, especially (but not only) to solve the split incentive issue in rental homes.
Conference Paper
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Bulgaria has a unique chance of identifying the tourism market using its paleobotanical deposits and geological phenomena that can successfully be included not only in the cultural heritage list but also in the tourist branding. The presence of natural paleontological surface outcrops with a fossil flora from the RhodopeanPaleogene create real conditions for modeling of successful tourist destinations, which is offered for the first time in the country. The tourism resources in the Rhodopesmountain have been identified, with an analysis of the geological conditions, the paleobotanical records and the accessibility to the natural fossil sites in the area of Mesta and PolkovnikSerafimovograbens. An assessment of the potential for development of paleontological tourism in the Rhodopes region was made.
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Full-text available
Purpose – This study’s aim is to investigate the role of investor communication in equity-based crowdfunding. The study explores whether and how investor communication can reduce information asymmetries between investors and new ventures in equity-based crowdfunding, thereby facilitating the crowd’s investment decisions. Design/methodology/approach – This paper follows an exploratory qualitative research approach based on semi-structured interviews with 23 market participants in equity-based crowdfunding: 12 investors, 6 new ventures and 5 third parties (mostly platform operators). After analyzing, coding and categorizing the data, this paper developed a theoretical framework and presented it in a set of six propositions. Findings – The results indicate that the venture’s overall impression – especially perceived sympathy, openness and trustworthiness – is important to reduce perceived information asymmetries of investors in equity-based crowdfunding. To communicate these soft facts, personal communication seems to be replaced by pseudo-personal communication over the Internet (e.g. videos, investor relations channels and social media). In addition, the communications of third parties (e.g. other crowd investors, professional and experienced investors and other external stakeholders) influence the decision-making process of investors in equity-based crowdfunding. Third-party endorsements reduce the perceived information asymmetries and lower the importance of pseudo-personal communications by the venture. Originality/value – Prior research shows that investor communication reduces information asymmetries between companies and investors. Currently, little is known about the role of investor communication in equity-based crowdfunding. This study focuses on the role of investor communication to reduce the perceived information asymmetries of investors in equity-based crowdfunding.
Crowdfunding of Renewable Energy Projects: Survey of Crowdfunding Platforms
  • K Kohl
Kohl, K. (2016); Crowdfunding of Renewable Energy Projects: Survey of Crowdfunding Platforms.
Responses to the Public Consultation on Crowdfunding in the EU. Directorate General Internal Market and Services
European Commission (2014): Responses to the Public Consultation on Crowdfunding in the EU. Directorate General Internal Market and Services, March 2014. Avaialble at <http://ec.europa.eu/internal_market/consultations/2013/crowdfunding/docs/summary-of- responses_en.pdf>, last accessed 15/12/2015.
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  • Jd Alois
Alois, JD. (2014): "Startup Europe Crowdfunding Network publishes report on fostering crowdfunding", Crowdfund Insider, 22 March 2014. Available at <http://www.crowdfundinsider.com/2014/05/40128-startup-europe-crowdfunding-network- publishes-report-fostering-crowdfunding/>, last accessed 13/05/2016.
Understanding Alternative Finance-The UK Alternative Finance Industry Report
  • P Baeck
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Baeck, P., Collins, L. and Zhang, B. (2014): Understanding Alternative Finance-The UK Alternative Finance Industry Report. NESTA, University of Cambridge.
Renewable Energy Developers' Perception of Crowdfunding as a Means of project Financing. Deliverable D2.3 of EU Horizon 2020 Project No. 646435 CrowdFundRES
  • S Betz
  • T Maidonis
Betz, S. and Maidonis, T. (2016): Renewable Energy Developers' Perception of Crowdfunding as a Means of project Financing. Deliverable D2.3 of EU Horizon 2020 Project No. 646435 CrowdFundRES. Available at http://www.crowdfundres.eu/wpcontent/uploads/2016/05/CrowdFundRES_D2.3_Developers_survey.pdf ; last accessed 13/05/2016.
Moving Mainstream -The European Alternative Finance Benchmarking Report
  • R Wardrop
  • B Zhang
  • R Rau
  • M Gray
Wardrop, R., Zhang, B., Rau, R. and Gray, M. (2015): Moving Mainstream -The European Alternative Finance Benchmarking Report. University of Cambridge, Centre for Alternative Finance. References
Crowdfunding of Renewable Energy Projects: Survey of EU Citizens. Deliverable D2.1 of EU Horizon 2020 Project No. 646435 CrowdFundRES
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