“The first crowd-investing initiative in Croatia implemented the crowd investment, a micro-loan model, to involve its citizens in the sustainable development of their city- Križevci.” - Green Energy Cooperative (ZEZ)

In Križevci, Croatia, a groundbreaking crowd-investing initiative has empowered citizens to co-finance and co-own renewable energy infrastructure. By installing a solar photovoltaic (PV) system on a municipal building, this project demonstrates how cooperative models and citizen participation can drive sustainable urban development.

Before this initiative, Križevci faced financial and structural barriers to advancing renewable energy. Municipal budgets were insufficient to fund solar installations, and reliance on external energy sources resulted in high costs and environmental concerns. At the same time, there was no mechanism for citizen involvement in local energy projects, limiting public engagement and awareness. Addressing these challenges required an innovative financing model that combined community investment, cooperative governance, and municipal collaboration.

Solution

To overcome these barriers, the Green Energy Cooperative (ZEZ) partnered with the City of Križevci to launch Croatia’s first crowd-investing solar project. 

Key elements included:

• Community investment model: Citizens provided micro-loans to fund a 50 kW solar PV system on the Križevci Development Centre and Technology Park.
• Financial returns: Investors entered a 10-year loan agreement with ZEZ, receiving annual interest higher than typical bank savings, making participation financially attractive.
• Municipal partnership: The city leased the solar equipment from ZEZ and used the generated energy for public facilities. Cost savings from renewable energy were used to repay citizen investors.
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Impact and success

This initiative has become a model for local energy transitions by:

• Increasing renewable energy adoption:  The installation of 50 kW of solar capacity contributes to Križevci’s climate goals and reduces dependency on fossil fuels.
• Empowering local communities: Citizens directly benefit from the energy transition, earning returns on their investments while fostering a sense of ownership.
• Creating a replicable framework: This model can be adopted by other municipalities and cooperatives looking to integrate social economy principles into renewable energy development.

Conclusion

Križevci’s crowd-investing solar initiative exemplifies how community-driven finance and cooperative governance can accelerate the shift to renewable energy. By leveraging local participation and shared economic benefits, the model strengthens proximity and social economy ecosystems, demonstrating that citizen-led investments can drive sustainable urban transformation.