Share
150.000 €
100% funded by 919 investors
Decarbonizing Colombia IV
North, CO
instalment
quarterly
term
3 years
yearly interest
7%
risk rating
B-
Refinancing solar energy for self-consumption.
Description
Recap is a Swedish organisation with over 10 years of experience in renewable energy and energy efficiency projects.
This campaign is part of series of campaigns aimed at refinancing 17 solar energy projects in Colombia, across Cundinamarca, Atlántico, Antioquia, and Santander, in a total investment of two million euros. The projects are at different implementation stages, with some centrals installed already (more information on the table below). Some of the projects were built with Recap’s own equity and Swedish family office Gullspång Invest.
This is the fifth campaign promoted by Recap Energy with Goparity, after launching one campaign to fund two solar power plants in Brazil (our first international project), another to refinance two solar power plants for self-consumption in Colombia, and Decarbonizing Colombia I, II, and III, as part of this portfolio of two million euros.
The two million euros to be raised through these campaigns will be used to refinance the following solar energy projects:
|
Company
|
Location
|
Description
|
Installed capacity
|
Yearly generation
|
Term
|
|
Tenjo
|
Colombian traditional restaurant |
19,22 |
23,43 |
7 |
|
|
Gachancipá
|
Flower producer |
12,62 |
32,33 |
7 |
|
|
Bogotá- Cundinamarca |
Manufacturer of motor vehicles
|
319,68 |
442,89 |
8 |
|
|
Bogotá- Cundinamarca |
School |
60,75 |
91,61 |
15 |
|
|
Sotaquirá
|
Artisanal cheese producer |
24 |
36,18 |
18 |
|
|
Ladrillera
|
Tunja
|
Manufacturer of block, bricks
|
129,56 |
167,13 |
8 |
|
Bogotá- Cundinamarca |
Hotel |
163,2 |
219,61 |
8 |
|
|
Medellín (Antioquia) |
Logistics and transport |
243,8 |
341,42 |
8 |
|
|
Barranquilla (Atlántico) |
Metallurgy products manufacturer |
99,98 |
168,4 |
20 |
|
|
Barranquilla (Atlántico) |
Textile manufacturer |
185,1 |
0,31 |
20 |
|
|
Medellín (Antioquia) |
School |
27,9 |
43,08 |
20 |
|
|
Barranquilla (Atlántico) |
Manufacturer of health, pharmaceutical
|
141,94 |
242,18 |
20 |
|
|
Barranquilla (Atlántico) |
Construction company |
436,16 |
706,1 |
20 |
|
|
Bogotá- Cundinamarca |
Business management |
292,34 |
419 |
20 |
|
|
Barranquilla (Atlántico) |
Manufacturer of vinyl fabrics |
678,68 |
1116,9 |
20 |
|
|
Medellín (Antioquia) |
Producer of animal feeds |
99,64 |
151,1 |
20 |
|
|
Barranquilla (Atlántico) |
Shopping center |
320,4 |
448,92 |
20 |
So far, the promoter has raised 400.000€. The goal is to raise the remaining amount over the next months.
The Impact
This campaign is one of several to fund the installation of photovoltaic plants in 17 organizations in Colombia.
Direct environmental impact
- Contribution to the decarbonization in Colombia, avoiding CO2 emission: The whole operation is estimated to produce 4.650,57 MWh of clean and renewable energy per year, avoiding the emission of 1.934,02 tons of CO2 annually, the equivalent to planting 87.910 trees.
- This campaign will be responsible to fund the production of 232,53 MWh of clean energy per year and avoid the emission of 96.701 tons of CO2 annually. This would be equivalent to planting more than 4396 trees.
- Cost reduction for the final clients: the decentralised energy production through renewable sources, close to the consumption site, helps to avoid distribution costs, making this a more competitive option than reverting to the national grid. Furthermore, the decreased dependency of the company on the national grid, makes it less vulnerable to price fluctuations and fiscal charges. It is estimated by Recap that the energy costs are reduced between 5% and 30% for their end-clients in Colombia.
- Support reduction of energy consumption: through providing services for improvements in energy efficiency use, Recap allows the companies to operate in a more efficient way, allowing around 50% reduction of energy consumption from the grid.
Indirect Impact
- Promotion of solar decentralized energy: with its Solar Funds, Recap enables smaller organizations of many different sectors to transition to renewable energy sources. Through decentralized photovoltaic centrals, the organizations are less dependent on the national grid and improve the country’s clean energy consumption participation.
- Support local companies: Recap partners with Colombian installers, providing them a financial option to clients interested in installing the solar plants. They ensure the companies are aligned with Recap’s values and apply screening criteria for the potential clients. Afterwards Recap makes its own financial and credit analysis.
Impact Indicators
96,7 t
CO2 avoided per year
232,5
MWh clean energy
Contribution to the Sustainable
Development Goals
Sustainable Development Goals
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Financial viability
The funds raised with these campaigns will be used to refinance 17 solar energy projects. The capital that Recap has invested will be used for further expansion in the Colombian market.
Long term PPA (power purchase agreement) contracts will be signed between the promoter (Recap Solar Fund AB II) and the end clients (identified in the table above).
The solar panels Installation, operation, and management will be performed by local partners under Recap’s supervision. The promoter will also be the owner of the solar panels, as well as the energy producer and trader.
A PPA is a long-term agreement, for the purchase and sale of clean energy established between a renewable energy producer (in this case Recap Solar Fund AB II) and the entity that consumes electricity (in this example, the companies identified in the table above). The companies will therefore reduce their consumption of energy from the national electricity grid substituting it for the energy from the solar systems.
In turn, Recap Solar Fund II AB will sell the energy from 5% to 30% lower than the client’s retail price, depending on the specifics of each project, after the installation of the panels. After an established period, the panels will become the property of the clients. In exchange for the benefits provided by the solar PV system, the client pays Recap Solar Fund II AB a monthly fee throughout the contract term.
The fee is based on the prices charged by the local utility, over which the client is granted a fixed discount. In this sense, the client will always have a benefit from using the energy from the PV system. The energy that cannot be supplied by the PV system is bought from the grid.
The fees paid by the client allow Recap to pay back its investors and covers the operations required for the development and management of the project.
The promoter performs a credit analysis, recurring to Coface to all its end clients before installing the panels.
Download Key Investment Information Sheet
Guarantees
• Pledge agreement on ReCap Solar Fund II AB shares.
• Pledge agreement on the shares of ReCap Solar Colombia SAS
• Pledge agreement on the credit rights receivable arising from the savings sharing agreement, which will belong to ReCap Solar Colombia SAS
The Promoter
About Recap Solar Fund II AB
The Recap Solar Fund II AB is part of the Recap Energy, an organization with the mission to bridge the gap between institutional capital and profitable clean energy projects globally, contributing to a more sustainable future
Recap was founded in 2010, initially as a consulting firm for sustainable finance. Since then, the company has evolved and started to offer Energy as a Service (EaaS) solutions to C&I clients in 2016.
With a technical team in Tenerife, Recap started the deployment of its EaaS business in Spain, initially focused on the Canary Islands, but soon after also mainland Spain and Portugal.
The expansion did not stop there, as Recap created the Colombian and Nordic (2018), Brazilian (2019), and Indian (2020) subsidiaries offering similar EaaS solutions.
Recap is constantly expanding geographically, in new and established markets, but also broadening the scope of energy and storage technologies and financial options to its clients.
At the moment, Recap has three women among its shareholders and one woman sitting on the company’s board.
Currently, the total developed capacity by region is:
- Nordics (Sweden) - Ground mounted: 220 MW, Energy storage: 31.5 MW
- Colombia - Ground mounted: 43 MW, C&I / Distributed generation: 20.13 MW
- Spain - Ground mounted: 25 MW, C&I 19.1 MW
- Brazil - C&I / Distributed generation: 0.49 MW
- India - C&I: 0.05
Currently, Recap has 118 clients in Spain, Portugal, Sweden, India, and Latin America. The rooftop project sizes range from 10 kWp to 5MWp.
The Recap Energy provides customized energy solutions for its clients, which can include electric mobility, energy storage, and energy management systems.
Recap employees 51 people, nine are working in Colombia.
The team
Marco Berggren
More than 17 years of experience implementing and financing clean energy projects globally. Responsible for market strategy execution, partnerships and product development.
William Morales
Mechanical Engineer with extensive experience in leading multidisciplinary teams in areas of energy management from non-conventional sources.
Business Model
Recap’s business model is based on sharing the benefits of PV plants with C&I clients. Without any need for investment from the end client, Recap owns, installs, and maintains the solar PV plants. In exchange, the client benefits from clean energy at prices always be lower than that of the local utility. The fees paid by the client cover the investments, operational costs, and provide high and stable returns to investors.
The business model was first successfully implemented in Spain. The Recap Solar Fund II AB was created to serve the Colombian market soon after.
At the moment, Recap Solar Fund II AB has 21 clients in Colombia.
Active since
2018
Fiscal country
SE
Operating In
Brazil, Colombia and Spain
Industry
Investment
Number of Goparity Loans
11
Women Shareholders
Yes
Website
https://www.recap.se/Updates
2022-02-22
First payment
First instalment was paid to all the investors
2021-11-22
100% funded
889 investors successfully raised 150.000€
2021-11-01
Open for investment
This campaign will help avoid the emission of 97 tons of CO2 per year
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