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TEMPO-Crowdfunding-R Grant Agreement: 768936 CROWDFUNDING AS A NOVEL FINANCIAL TOOL FOR DISTRICT HEATING PROJECTS This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 768936. x TEMPO Project D6.4 – Crowdfunding as a novel financial tool for district heating projects PROJECT DOCUMENTATION SHEET Project Acronym TEMPO Temperature Optimisation for Low Temperature Project Full Title District Heating across Europe Grant Agreement 768936 Call Identifier H2020-EE-2017-RIA-IA EE-04-2016-2017 – New heating and cooling Topic solutions using low grade sources of thermal energy Type of action IA Innovation Action Project Duration 48 months (October 2017 - September 2021) Vlaamse Instelling voor Technologisch Onderzoek Coordinator NV (BE) – VITO Nodais AB (SE) – NODA Austrain Institute of technology (AT) – AIT Thermaflex international holding (NL) - THF Steinbeis innovation (DE) - Solites Consortium Smet groundwater technics (BE) - SMET partners Vattenfall Europe (DE) - Vattenfall Enerpipe (DE) – Enerpipe A2A Calore & servizi (IT) - A2A Hogskolan i Halmstad (SE) – HU Euroheat & Power (BE) – EHP Website www.tempo-dhc.eu The sole responsibility for the content of this document lies with the authors. It does not necessarily reflect the opinion Disclaimer of the funding authorities. The funding authorities are not responsible for any use that may be made of the information contained herein. 1 TEMPO Project D6.4 – Crowdfunding as a novel financial tool for district heating projects DELIVERABLE DOCUMENTATION SHEET Number Deliverable D6.4 Crowdfunding as a novel financial tool Title for district heating projects Related WP WP (6) Related Task Task 6.5 Lead Beneficiary EHP Chiara Candelise (Bocconi University, Author(s) Ecomill) Contributor(s) - Reviewer(s) Christian Engel (THF) R (Report) Nature Dissemination level PU (Public) Due Date June 2018 (M9) Submission date July 25th, 2018 (M10) Status Final 2 TEMPO Project D6.4 – Crowdfunding as a novel financial tool for district heating projects QUALITY CONTROL ASSESSMENT SHEET Issue Date Comment Author First draft Chiara Candelise(Bocconi University, V0.1 11/06/2018 compilation Ecomill) Christian Engel (THF) Johan Desmedt (VITO) First draft sent to Janka Vanschoenwinkel (VITO) V0.1 12/06/2018 beneficiaries for reviews Sofia Lettenbichler (EHP) Eloi Piel (EHP) Thomas Pauschinger (Solites) Second draft Chiara Candelise(Bocconi University, V0.2 11/07/2018 received Ecomill) Christian Engel (THF) Second draft sent V0.2 11/07/2018 to beneficiaries Sofia Lettenbichler (EHP) for reviews Eloi Piel (EHP) Final Version Chiara Candelise (Bocconi University, V0.3 23/07/2018 Received Ecomill) Gabriele Pesce (EHP) V0.3 24/07/2018 Quality Check Christian Engel (THF) Submission to the Johan Desmedt (VITO) V1.0 25/07/2018 EC Coordinator 3 TEMPO Project D6.4 – Crowdfunding as a novel financial tool for district heating projects SUMMARY 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 WP6 develops and optimises innovative business models for each solution package, in order to boost network competitiveness and attractiveness for stakeholder investment. In this context crowdfunding is studied as a potential viable option for district heating business model funding. Crowdfunding is a form of alternative finance, which allows to fund a project or venture by raising small amounts of money from a large number of people, via web-based platforms. Initially started as a grassroots phenomenon during the financial crisis in the late 2000s, it has progressively become a valuable alternative source of funding for entrepreneurs and innovators. The European crowdfunding market volume has increased annually from 1.1 € billion in 2013 to 7.6 € billion in 2016. This 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. Crowdfunding in the energy sector started around 2012 and it has been growing over time, reaching in 2017 over 300 € millions of funding volume. Crowdfunding in energy has begun as a fairly niche application to grassroots and community energy projects, allowing citizens to invest, become shareholders and benefit from the return on the investment. Most crowdfunding models (i.e. equity, lending, reward and donation) have been applied to the energy sector, but financial models are the most frequently used and accounting for over 90% of the active platforms in 2017. Among the financial models, lending has been prevailing over time as the preferred crowdfunding instrument: lending projects are higher in number and have raised the highest funding volume. Key factors for the use of crowdfunding in energy are access to finance and public engagement. Crowdfunding is an additional source of funding to energy projects, providing potentially easier and faster access to capital than other institutional sources of finance. It has also a strong engagement, participation and communication function. Crowdfunding platforms are increasingly used by energy developers to engage citizens in their project investments in order to: have access to a wider audience of potential investors; increase visibility of the project; increase local acceptance and reduce nimbyism; increase local stakeholders’ awareness and reduce planning risks; redistribute revenues/royalties in the territories affected by the project. The district heating sector has been evolving over time, along with the wider transition toward low carbon energy systems. The development of renewables has made district heating projects more modular and sustainable, leaving space for multiple potential architectures both from a technological and business model point of view. A variety of business models has been developing, including public-private partnership, full private and cooperative models. In this changing scenario the European district heating sector is facing 4 TEMPO Project D6.4 – Crowdfunding as a novel financial tool for district heating projects new market challenges. As all infrastructure projects financing can be challenging, especially in countries with weaker local governments and/or limited public spending. It require the right investor, willing to accept long-term investment horizons. In addition it is facing increasing competition from gas and energy efficiency measures, which reduce heat demand. On the other hand, the district heating sector is now more open to new opportunities of stakeholders’ participation and cooperation. Cooperation and involvement of end-customers is increasingly relevant for district heating providers. Using customers as a community increases the chances of creating a sustainable business case for district heating development. Crowdfunding can be one possible answer to the challenges as well as the opportunities that the district heating sector is facing. It could provide an additional source of finance, by allowing to raise capital from diffused investors, potentially more willing to accept lower or slower rate of returns on the investment in exchange of recognizable social and environmental benefits. In addition, the engagement, participation and communication function of crowdfunding can help in increasing public awareness on district heating networks’ social and environmental benefits as well as in reducing potential negative perceptions among potential end customers. All the available crowdfunding models (i.e. equity/community shares, lending, donation/reward) could be potentially applied in the district heating sector, but the financial ones are more likely to be used. Equity/community shares models could be used to facilitate access to equity capital for full private or public-private partnership initiatives or to support expansion of cooperatives. Lending crowdfunding campaigns instead could be potentially used under all possible district heating business models. In fact, debt can be raised through crowdfunding on the SPV developing the project whose ownership could be private, public or a combination of those. Non-financial models are much less used in energy crowdfunding. However, civic crowdfunding campaigns could potentially be an option in the district heating sector for projects developed and sponsored by the public sector. This study has been conducted by Dr Chiara Candelise, a PhD qualified energy economist and policy specialist. She is researcher at Bocconi University (Italy) and Imperial College London (UK) as well as founder and CEO of Ecomill s.r.l., an Italian equity crowdfunding platform dedicated to the energy sector. Dr Candelise has sound economic background and professional experience in leading public and private institutions, including UK Government (Department for Environment Food & Rural Affairs), EU and UK Research Councils funded research and consultancy projects as well as collaboration and support to SMEs. For the purpose of this study Dr Candelise tapped upon experience, skills and
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