Enel X has partnered with European digital fintech platform October to offer new crowdfunding solutions in a bid to support renewable energy projects of small and medium-sized (SMEs) companies in Italy.
Customers of Enel X will have access, under certain conditions, to the services of the fintech platform.
October will raise funds from private lenders and institutional investors to support renewable energy production and energy efficiency projects by Enel clients.
Projects will include the installation of photovoltaic, solar-thermal, boilers and air conditioning systems.
October will assess requests from Enel X’s client companies basing on credit risk merit.
The partnership means it will be possible to quickly receive, through the platform, a financing offer with the duration and amount of the instalment.
Crowdfunding is an effective tool that can be vital for SMEs at a time the global economy is recovering from the economic effects of COVID-19.
In Italy alone, crowdfunding reached €749 million ($884 million) in 2019, according to the 5th Italian Report on Crowdinvesting – PoliMi.
Marco Gazzino, Enel X’s Head of Innovation, said: “Thanks to the partnership with October we are able to innovate by implementing crowdfunding financial solutions for small and medium Italian companies.
“This participatory fundraising system allows our clients to put forward projects relating to sustainability and the development of renewables, and small investors to participate in the energy transition through a simple and fast tool.”
Sergio Zocchi, CEO of October Italia, adds: “We are delighted that a leading company like Enel X has taken steps to introduce new digital financing opportunities to its client companies. This broadens the range of people supplying a virtuous system which, in fact, has already helped many companies to diversify their sources of funding. Digital lending can certainly be a valuable tool to quickly facilitate economic recovery.”