Decarbonizing Congelagos III
71.273,03 € invested by 528 lenders
11 days left to close
Congelagos wants to bring a 360º sustainability model to the fishing market. It focuses on processing undervalued, abundant species captured sustainably, minimizing waste, and acting as an always-ready buyer of Portuguese fish. Now Congelagos is decarbonizing its industrial operations.
This is the largest solar energy project in GoParity’s history. The goal is to raise 500.000€ in four campaigns.
The photovoltaic plant is already being installed on the Congelagos complex in Lagos will produce sufficient energy to power 35% of its fish processing and freezing operations.
The solar photovoltaic plant has an output of 913kW and will produce over 1500 MWh per year. This plant can supply the equivalent of 405 European households per year on average (at its peak output). That means avoiding the emission of more than 202 tons of CO2, which is equivalent to planting more than 9200 trees.
This is the largest plant ever funded through GoParity, and its implementation is part of Congelagos's sustainability strategy. This installation will substantially reduce the Company's dependence on fossil fuels, allowing it to cut 35% of the energy it consumes from the grid. In addition to this decrease in dependency from the grid, the project represents considerable savings in energy costs and a significant step in the decarbonization of the Portuguese economy. This project is especially relevant at a time of geopolitical tensions over global energy interdependence, underscoring the need for investment in energy efficiency, self-reliance, clean energy and more sustainable productions.
The solar panels, purchased partially with proceeds from the first campaign, were delivered in Congelagos:
After the second campaign the installation process started:
CO2 avoided per year
MWh clean energy
This 6-year loan will be used to install solar panels to produce energy for self-consumption and for selling the extra energy produced. Generated electricity bill savings from the use of the solar panels, as well as the proceeds from selling the energy to neighbors, will be used to pay for the loan installments.
On-site energy production through renewable sources eliminates distribution costs, making decentralized energy production a compelling value proposition, particularly for energy-intensive businesses looking to reduce dependency on the grid. At today’s prices, Congelagos stands to save about €280,000 annually with the installation of this solar plant—a project ROI of roughly 2 years.
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Pledge of equipment
Congelagos was founded in 2015 to meet the growing global demand for natural and convenient seafood-based diets. Its goal is to become Portugal’s fish processing leader through a clear commitment to health, innovation, quality of service, and sustainability.
The company’s founders Nuno Battaglia and Jorge Grave were raised in Lagos and have a synergetic relationship with the ocean. After successful careers, the two friends decided to develop a project that would bring innovation, sustainability, and development to the Portuguese fishing industry.
Located on a 4-ha plot in Lagos, in the southern coast of Portugal, Congelagos owns a state-of-the-art industrial facility equipped with a high-capacity cold generation system powered at 4MW, a 5,400t cold-storage warehouse, and highly automated fish-processing lines installed in a 7,700m2 building.
Congelagos has 5 main commitments:
Congelagos S.A. is backed by investments from Algarve Partners, a regional investment firm, and BlueCrow SCR, a venture capital company focused on innovative, R&D-intensive projects in Portugal’s sustainability ecosystem, in the areas of bio-economy and innovative production technologies. BlueCrow invests in skilled teams with proven track records.
Congelagos is also one of the largest projects supported by Mar 2020, the EU incentive program for the development of Portugal’s blue economy.
Meet the team:
Jorge is a co-founder and on the board of directors of Congelagos and a Partner at Algarve Partners. A civil engineer by training, graduating at the top of his class from Instituto Superior Técnico, Lisbon, Jorge leads Algarve Partners’s real estate investments and portfolio businesses. Jorge is an avid freediver, having represented Portugal at various international CMAS tournaments.
Nuno is a co-founder and Chairman of Congelagos and Chairman of Algarve Partners. Nuno co-founded HealthEquity (NASDAQ:HQY), a leading US consumer-driven healthcare company and administrator of Health Savings Accounts. He started his investment and management career at Leucadia National Corp (now Jefferies NYSE:JEF), an evergreen value fund operating globally, where he was Managing Director. Nuno loves spending time in the water, freediving and spearfishing or surfing.
António is a Partner and Group CFO at Algarve Partners. He’s on the board of several portfolio companies, including Congelagos, BGE and NaturaFish, Portugal’s leading producer of natural seabass and seabream. He’s the former Regional Manager for the Algarve of Banco BPI. He earned his MBA from IE, Madrid. When he is not blending in with his four lively boys, he can be found on the court playing tennis or padel.
Congelagos buys fish caught in the Atlantic and takes it to its state-of-the-art processing and freezing fish facility, which can compete both nationally and internationally, using advanced technologies and efficient production processes, while promoting environmental sustainability.
Its position and technology allow Congelagos to supply competitively-priced, high-quality seafood. The combination of these factors gives Congelagos a competitive advantage in the global market.
Number of GoParity Loans
This campaign will help avoid the emission of 51 tons of CO2 per year
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