Investing in renewables: Local participation as the engine for change

The effects of the installation of renewable energy projects

Renewable energy projects, such as the construction of wind farms and solar plants, can have both positive and negative impacts on the local communities where they are developed. Some of these impacts on territories include changes to the landscape, the generation of noise and what are considered to be disturbances to wildlife. It is essential to address these challenges, find solutions to these impacts and create projects that generate value for the local community:

• Creating employment: Renewable energy projects generate employment in construction, maintenance and operation. Encouraging the recruitment of local labour can boost the region's economy and improve the quality of life for the inhabitants.
• Development of skills: The provision of training programmes and training in technical skills needed for the renewable energy industry can open up new job opportunities for the local community. This not only benefits individual people, it also makes the region more economically resilient.
• Participation in the supply chain: By encouraging the contracting of local suppliers and promoting the development of local companies in the supply chain for renewable projects, sustainable economic growth in the community is promoted.
• Local investment: The active participation of local communities generates a social licence that enables the implementation of sustainable initiatives.
• Environmental measures. Contrary to what most people seem to think, renewable plants ultimately become shelters for flora and fauna because they are protected environments.

Other formulas: What is local investment and why is it important?

Local participation refers to the active involvement of citizens, businesses and public bodies within a certain region in projects and decisions that affect their environment.

In the renewable energy context it means enabling local communities to be involved in the development, financing and operation of projects, giving them an active role in energy transition.

Local participation is crucial for a number of reasons.

• To generate support and acceptance by the community, which makes it easier to implement renewable projects. It also promotes the social-economic development of the region involved by creating local employment and investment opportunities.
• It strengthens a sense of belonging and empowerment of citizens, by enabling them to play an important role in the change towards a more sustainable energy model.
• By involving the local community, a sense of shared responsibility is promoted.

Galatea Project: A real project to invest in the future

The Galatea Project is a clear example of local participation and commitment to renewable energies. It is for a wind farm located in the Alt Empordà region, promoted by Endesa's renewable subsidiary, Enel Green Power España, with the capacity to generate 140 GWh/year, equivalent to the annual electricity consumption of half of the homes in the region.

20% of the financing for this wind farm will be through Fundeen, a participatory financing platform, enabling all the residents in the region to have priority to reserve an amount to invest that ranges from €500 to €25,000. 

The benefits of local investment in Galatea

1. An opportunity to invest: The residents of Alt Empordà will be able to invest in an innovative, sustainable project and contribute directly to the development of their region.
2. Attractive returns: The financial instrument offers a fixed return of 5.8% for priority municipalities and 5.3% for the rest of the Alt Empordà region, which represents an interesting opportunity for investors.
3. Corporate guarantee: The investment is backed by a corporate guarantee issued by Endesa, S.A., a company with a Standard & Poor's BBB+ Investment Grade.
4. Sustainable development: By participating in Galatea, investors are contributing to the generation of clean energy and the reduction of carbon emissions, actively collaborating in the fight against climate change.

Local participation is now an essential pillar for the development of renewable projects. The active participation of local communities generates a social licence that enables the implementation of sustainable initiatives.

The Galatea Project, promoted by Enel Green Power España and Fundeen, is a clear example of how local investment is able to promote the social-economic development of a region and the adoption of clean energy in an attempt to mitigate any difficulties that may arise between neighbours.

Investing in renewables not only provides economic benefits, but also contributes to building a more sustainable future for everyone.