I can gladly say it's not a scam. For now at least. I got in the ICO so maybe my point of view is not very objective but there are a couple of things that i want to underline.
1- Powerplants are real and basically they consist in various mini hydraulic plant, mostly of private property, spread out on the Alps.
2- They lease a certain amount of power, with an option to buy, which otherwise would be sold to the local distribution grid at ridicoulous prices not very convenient for the producers.
3- It's water. Clean. No need to burn coal and gas and other shit.
4- About the token: you basically buy kwh and not H/s for mining. And this is the thing that attracted me. We all know about the difficulty adjustments hence the decreasing ROI over time.
5- Once you buy kwh, tokens are burned. Sustainable business model.