Highlights
Targeting 12% net IRR with a 2.1x return multiple over the life of the portfolio, delivered through annual distributions starting Year 2.
Nine commercial solar projects under long-term contracts with customers including KPMG Cyprus, Marks & Spencer, Ayia Napa Marina, and Senior School, totalling 1.5 MW of capacity.
Backed and operated by EnergyIntel, a renewable energy engineering and services company with over two decades of commercial clean energy experience.
Revenue projections based entirely on signed contracts with creditworthy counterparties, not speculative demand.
Cyprus has the EU's highest electricity prices and over 300 days of sunshine, yet remains 80% dependent on fossil fuels. PayGreen is accelerating the shift to clean energy.
Overview
Institutional-Grade Solar Returns, Now Accessible
PayGreen by EnergyIntel offers direct equity participation in a diversified portfolio of commercial rooftop solar installations across Cyprus, developed and operated by EnergyIntel, a renewable energy engineering and services company established in 2006.
Cyprus has the highest commercial electricity prices in the European Union. PayGreen addresses this by delivering clean energy directly to commercial and industrial customers at fixed rates under long-term Power Purchase Agreements (PPAs), offering substantial savings from day one. Current customers include KPMG Cyprus, Ayia Napa Marina, and Marks & Spencer.
Five projects are currently operational and generating contracted revenue. This raise will finance the construction of four additional secured installations, expanding the portfolio to approximately 1.5 MW of long-term contracted capacity. Returns are structured through a combination of annual cash distributions and progressive share redemptions, targeting a net IRR of approximately 12% over the life of the portfolio.
The Problem
Cyprus businesses face electricity costs among the highest in Europe, putting them at a direct competitive disadvantage against companies in markets with significantly lower energy prices. Sectors like hospitality, food manufacturing, and cold storage, where energy is a major operating cost, feel this most acutely.
Yet most businesses lack the balance sheet capacity or technical resources to develop their own solar installations. They need long-term price certainty, not exposure to volatile wholesale markets. But traditional solar development requires significant upfront capital, technical expertise, and ongoing operational responsibility that most commercial operators cannot justify.
The result is a market where demand for clean, affordable energy far outstrips supply, and businesses remain locked into expensive grid dependency.
The Solution
PayGreen removes every barrier. EnergyIntel designs, finances, installs, and operates rooftop solar systems on customer premises at no upfront cost to the business. In return, customers commit to purchasing the energy generated at a fixed rate, significantly below grid prices, for the duration of the contract.
Customers get immediate savings and long-term price certainty. The SPV retains ownership of the assets throughout the contract period, while EnergyIntel handles all maintenance and performance risk. Investors, through the PayGreen portfolio, gain access to the contracted cash flows these installations generate: predictable, asset-backed returns from creditworthy commercial customers.
How It Works
Project sourcing: EnergyIntel identifies commercial customers with strong credit profiles and secures long-term energy purchase contracts.
Construction: Investors’ capital funds the installation of rooftop solar systems on customer premises.
Operation: Customers pay monthly for the energy they consume at pre-agreed fixed rates.
Returns: Revenues flow back to investors through annual dividends and progressive share redemptions over the investment period.
Market Opportunity
Cyprus is the sunniest country in the European Union, with over 300 days of sunshine and 3,300+ hours of sunlight per year. Yet the country remains nearly 80% dependent on fossil fuels, and its businesses pay the highest commercial electricity prices in the EU: €0.26-0.28 per kWh, 36-46% above average.
That contradiction is the opportunity.
The commercial and industrial (C&I) sector represents over €650 million in annual electricity spend. Solar capacity is growing 25% year-on-year, but penetration in the commercial rooftop segment remains low. Cyprus's 2030 targets require 450-900 MW of additional solar, representing €2-4.5 billion in investment including battery energy storage systems (BESS).
Regulatory changes phasing out net metering in 2025 are accelerating demand for exactly what PayGreen offers: long-term price certainty through direct energy purchase agreements.
Identified demand for PayGreen-type installations in Cyprus alone already exceeds 200 MW. Expansion into Greece and other regional markets, which are materially larger but exhibit similar high-energy-cost dynamics, represents a substantial medium-term growth opportunity.
The returns for this raise are based solely on the nine projects currently operating or secured. Future growth will be funded through subsequent raises, offering existing investors priority access to follow-on opportunities.
Business Model
Energy Sales
Investments are made into M.A.X.X. Energy GR Ltd, a special purpose vehicle (SPV) established to own and operate the PayGreen portfolio. The SPV generates revenue by selling solar energy directly to commercial and industrial customers under long-term Power Purchase Agreements (PPAs). Customers pay a fixed rate per kilowatt-hour (€/kWh), typically 25-50% below prevailing grid tariffs, under contract terms of approximately 15 years or longer. Once operational, each installation produces contracted revenue from day one with minimal ongoing costs, which include monitoring, maintenance, and insurance.
All revenue projections for this raise are based on signed contracts with creditworthy counterparties, not speculative demand.
Operating Structure
EnergyIntel develops, constructs, and operates all installations on behalf of the SPV under arm's-length commercial agreements. This integrated approach ensures quality control, performance accountability, and alignment of interests across the portfolio's full lifecycle.
Track Record
Operating Portfolio
Five PayGreen installations are already generating revenue. Current customers include KPMG Cyprus, Senior School, Ayia Napa Marina, Marks & Spencer, and Agora Hotel. These projects have been producing energy and collecting contracted payments since 2024, with production more than tripling year-on-year as new installations come online.
Secured Pipeline
Four additional projects are fully contracted and ready for construction: Unicars headquarters and showroom in Nicosia, a second phase at Ayia Napa Marina, and an extension at Senior School. Together with the operating portfolio, these nine projects represent 1.5 MW of contracted capacity underpinning this raise.
About EnergyIntel: Established Renewable Energy Operator
Behind every PayGreen project stands EnergyIntel Services Ltd, a renewable energy engineering and services company founded in 2006. With two decades of experience, EnergyIntel has developed, delivered, and operated clean energy projects across commercial, industrial, and infrastructure sectors in Cyprus. A team of approximately 50 professionals, including engineers and technical specialists, manages every stage from permitting through long-term operations.
Competition
Businesses seeking to reduce electricity costs have three main alternatives to PayGreen.
Grid Electricity
The default option. No action required, but businesses remain exposed to Cyprus's highest-in-EU commercial electricity prices and ongoing price volatility. For most companies, this is simply the path of least resistance, not a strategic choice.
Self-Funded Solar
Some businesses invest directly in rooftop solar installations. This offers long-term savings but requires significant upfront capital, technical expertise to manage procurement and permitting, and ongoing responsibility for maintenance and performance. Most commercial operators lack the resources or appetite for this complexity.
Grid-Connected Solar Parks
Large-scale solar installations sell power into the wholesale market or through billing or net metering schemes. However, these projects face significant curtailment risk as Cyprus's grid struggles to absorb excess supply, and revenues fluctuate with wholesale prices. The recent elimination of net metering has further reduced the appeal of this model.
Why PayGreen Wins
PayGreen combines the savings of solar with none of the complexity. Customers pay nothing upfront, assume no operational burden, and lock in fixed prices for 15+ years. Because energy is primarily consumed on-site rather than exported to the grid, PayGreen's exposure to curtailment is substantially lower than solar parks fully dependent on grid export, and revenues are largely insulated from wholesale price movements.
Where customer consumption patterns leave excess generation, such as schools with minimal weekend demand, select installations include battery storage to capture surplus energy and deliver it when it's needed, ensuring nothing is wasted.
Replicating this model requires more than capital. It demands deep technical capability, a track record that gives commercial customers confidence to sign 15-year+ contracts, and the operational infrastructure to manage distributed assets over decades. EnergyIntel's presence in the market since 2006, combined with its integrated development, engineering, and operations capability, provides the platform required to deliver and manage these assets at scale.
For investors, this translates to contracted, predictable cash flows backed by creditworthy customers and physical assets.
Financial Projections
Portfolio Performance
Revenue declines from 2037 as the earliest PPAs reach maturity. At the end of each contract term, the solar installation transfers to the customer at no cost, with no residual value retained by the SPV. The current operational and secured portfolio is expected to be fully wound down by 2041.
Cost Structure
Operating costs are minimal and predictable. Cost of sales consists of contracted maintenance fees paid to EnergyIntel, ensuring ongoing performance accountability. The only other operating expenses are modest administration costs and nominee fees for managing the shareholder register.
Projected Investor Returns
Returns are delivered through two mechanisms: annual dividends from net profits and progressive share redemptions returning your original capital. Projections below are net of Crowdbase's 7.5% performance fee on dividends.
Per €10,000 invested:
Total projected returns of €21,224 per €10,000 invested represent a 2.1x multiple and a net IRR of 12%. Capital payback is expected around Year 8 (2033), based on current projections.
Key Assumptions
Energy production includes a 7.5% buffer below manufacturer specifications
PPA rates are fixed for the full contract term
All revenue is based on signed contracts with creditworthy counterparties
Figures shown net of Crowdbase performance fee (7.5% of dividends)
The full financial model is available in the Documents tab.
The Ask & Use of Funds
Raising Up to €1.25M
We're raising up to €1.25 million on Crowdbase to fund four secured commercial solar projects. These projects have signed PPAs and are ready for construction in 2026.
EnergyIntel will fund any gap between the Crowdbase raise and the total CAPEX required. This isn't a funding-or-nothing campaign for us, the projects will proceed regardless. We're offering Crowdbase investors the opportunity to participate alongside EnergyIntel on identical terms.
Use of Funds
Capital raised flows into the SPV to fund solar installation CAPEX of pipeline projects. No capital is allocated to working capital or overheads.
Why We Raise on Crowdbase
EnergyIntel could fund these projects from its own balance sheet or through bank financing. We're choosing to raise publicly for strategic reasons.
Proving the model for scale
EnergyIntel has self-funded PayGreen to date to demonstrate it works. But our ambition is much larger than four projects. A successful public raise establishes a repeatable path to fund dozens of future installations through a regulated platform.
Community as partners
We're inviting investors to share in the upside of Cyprus's clean energy transition. Investors who believe in what we're building often become our best advocates, introducing us to businesses in their network and helping PayGreen grow.
Team
PayGreen is operated by EnergyIntel, a 20-year veteran in Cyprus's renewable energy sector. The team behind this raise combines deep technical expertise, financial discipline, and governance experience.
Eugenia Herodotou - Chief Executive Officer (CEO) & Co-Founder
20+ years leading EnergyIntel's growth in renewable energy. Drives strategic partnerships, EU-funded innovation, and the company's expansion into commercial solar. MSc in Economics, Finance & Management (University of Bristol).
Marios Alexandrou - Chief Operating Officer (COO) & Co-Founder
20+ years in renewable energy engineering and large-scale project execution. Led deployment of photovoltaic systems across Cyprus and Greece, and oversees EnergyIntel's thermal energy storage technology development.
Efi Philippou - Chief Financial Officer (CFO)
Leads financial strategy, capital structuring, and investment readiness. Background in FP&A, corporate restructuring, and performance management, with board-level experience in innovation-driven environments.
Nick Katselapov - Non-Executive Director
Entrepreneur and strategic investor with a track record of scaling innovation-driven businesses. Provides independent governance and strategic oversight to EnergyIntel's board.
Exit Strategy
PayGreen is structured as a multi-year income investment. Unlike venture capital, where returns depend on a single exit event, your capital is returned progressively through redemptions alongside annual dividends.
Progressive redemptions
The SPV intends to begin redeeming shares from Year 2 at the original issue price, returning capital progressively over the portfolio's lifecycle. Redemptions are discretionary and subject to available cash flow, with potential acceleration if performance exceeds projections.
Strategic acquisition
The portfolio's stable, contracted cash flows and physical asset backing are consistent with the investment profile typically sought by infrastructure funds, utilities, and institutional investors. A prior PayGreen portfolio was successfully acquired by an institutional investor, demonstrating this pathway. Future portfolio sales remain a possibility under appropriate market conditions, though not guaranteed.
Customer buyouts
From Year 5 of each project, customers have the option to purchase their solar installation outright. If exercised, the proceeds flow back to the SPV and may be used to accelerate share redemptions or fund additional distributions.
Secondary market
Crowdbase will operate a secondary market where investors can list shares for sale. Liquidity depends on buyer interest and is not guaranteed, but provides a potential path to early exit.