Cyprus has the highest solar irradiance in the European Union, according to the European Commission's PVGIS dataset, yet remains overwhelmingly dependent on imported fossil fuels for its electricity.
PayGreen by EnergyIntel sells electricity from its rooftop solar portfolio to host businesses across the island under long-term contracts priced below grid tariffs. The campaign is now live on Crowdbase, offering investors a structured, income-generating instrument and a direct stake in the island's renewable energy transition.
Strong sun, slow commercial adoption
With over 300 days of sunshine a year, Cyprus has built one of the highest residential solar penetration rates in the world: more than 93% of households already use solar to heat their water. Yet across the commercial and industrial landscape, vast rooftop spaces remain largely unused, and businesses continue to face some of the highest electricity costs in Europe. What has been missing is a model that removes the capital and operational burden from the businesses themselves.
How PayGreen works
EnergyIntel, the company behind PayGreen, was founded in Cyprus in 2006 and has grown into a team of around 50 professionals across renewable energy development, financing, and asset management. PayGreen is EnergyIntel's behind-the-meter commercial solar division, operating through a dedicated special purpose vehicle (M.A.X.X. Energy GR Ltd) that owns, installs, and maintains rooftop photovoltaic systems on commercial properties. Host businesses, including KPMG Cyprus, Marks & Spencer, and Ayia Napa Marina, pay for the electricity they consume under power purchase agreements priced below prevailing grid tariffs, with contract terms of approximately 15 years.
The portfolio comprises nine installations totalling roughly 1.5 megawatts: five operational and generating revenue, with four additional sites secured in the pipeline. Because the electricity is primarily consumed on-site, the portfolio has limited exposure to grid congestion risk. Investors participate through redeemable preference shares, receiving annual dividends and share redemptions over a 15-year period. The investment is structured to target an internal rate of return of 12%. Target returns are not guaranteed and are subject to the risks of the investment.
The investment round
The campaign is open for investment until 31 May 2026, with a minimum funding target of €250,000 and a maximum of €1,250,000. PayGreen will use the capital to finance the next phase of its portfolio. The minimum investment is €2,500. Eligible EU investors can view the full pitch, financial model, and Key Investment Information Sheet on the campaign page.
About Crowdbase
Crowdbase is a crowdfunding service provider authorised and regulated by the Cyprus Securities and Exchange Commission (licence number CSP 1/23) under the European Crowdfunding Service Providers Regulation (ECSPR).
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