Coop57, Seira Impuls Cooperatiu and the Fundació La Dinamo agree to grant a 1 million euro syndicated loan to Som Energia, allocated to increasing the capacity of generating renewable energy.
- Loan characteristics
- Amount: 1 million euros
- Coop57: € 600,000
- Seira Impuls Cooperatiu: € 240,000
- Fundació La Dinamo: € 160,000
- Loan repayment: 10 years
- Amount: 1 million euros
- Trust, mutual aid and the determination of creating a transformative economy is at the core of how these organizations work.
For some years now, the social and solidarity economy is convinced that the energy transition is a must for advancing towards a model of generation, distribution, commercialization and use of energy that develops fairer, more democratic and sustainable societies.
From this shared attitude, on June 30, 2023, this investment will swing into action to restructure Som Energia’s debt going from the short term to the long term so the cooperative can continue advancing towards a shift in the energy model 100% renewable, efficient and in the hands of citizens.
Som Energia advocates for the democratization of the energy model. It believes that a real change is only possible if citizens become empowered and the energy market is decentralized, besides generating and consuming renewable energy.
The three financial organizations, determined to support transformative initiatives, have reached an agreement to multiply their financing capacity while make risk a joint responsibility. In this manner, we comply with the wish to convert the savings of citizens into credit with a high social and environmental impact.
The recent turbulences in the energy market—with effects still being felt in the present—prove a growing need of the social and solidarity economy to establish instruments that make it possible to escape from predatory capitalist logics and articulate a collective sovereignty, in this case, both in energy and finances.
On the one hand, in terms of energy, this means improving the generation capacity and advance towards a distributed, renewable and democratic energy model. On the other, financial sovereignty means possessing strong financial instruments that provide solutions to the needs of the social and solidarity economy, and ensure they are managed with solidarity, and in the collective hands of citizens.
