Share
100% funded by 1105 investors
Decarbonizing Colombia XVII
Atlantico, CO
instalment
quarterly
term
4 years
yearly interest
7.25%
risk rating
C+
Financing solar energy for self-consumption.
Description
Recap is a Swedish organization with over 10 years of experience in renewable energy and energy efficiency projects.
This campaign aims to finance a portfolio of 2 solar energy projects in Colombia, in Atlantico for a total investment of 150 thousand euros.
This is the twentieth-second campaign run by Recap Energy with Goparity. Recap Energy has financed twenty-one previous campaigns:
- the most recent campaign was part of the same series as the present one: Decarbonizing Colombia XVI
- two campaigns to fund solar plants in Brazil Recap Brazil I (our first international project) and Recap Brazil II,
- another to refinance two solar power plants for self-consumption in Colombia,
- seven campaigns to refinance 17 solar energy projects: Decarbonizing Colombia I, II, III, IV, V, VI, and VII (two million euros portfolio).
- eight campaigns aimed at refinancing 11 solar energy projects: Decarbonizing Colombia VIII, IX, X, XI, XII, XIII, XIV, and XV (one million euro portfolio).
- two campaigns to finance three micro solar plants in Brazil Microsolar Farm I and II.
The funds will be used to finance the following new projects:
|
Location |
Client |
Capacity kWp |
Activity |
| Atlántico, Colombia
|
INDUSTRIA ARTICUEROS
|
540,00 | Vinyl fabric
|
| Atlántico. Colombia
|
INDUSTRIA ARTICUEROS 2
|
143,00 | Vinyl fabric
|
The Impact
Direct
-
Contribution to the decarbonization of Colombia, avoiding CO2 emissions: With a total production of clean energy of over 1124 MWh per year, the solar plant will avoid the emission of about 173 tonnes of CO2 per year. This is equivalent to the CO2 absorption of 7868 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
-
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
173,1 t
CO2 avoided per year
1.124
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 finance 2 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 Recap Solar Colombia SAS (a local company owned by the promoter) 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 Recap Solar Colombia SAS 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) 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 Colombia SAS 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 Colombia SAS 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 the Financial Statements for the promoter here
Download Key Investment Information Sheet
The Promoter
About Recap Solar Fund VI AB
The Recap Solar Fund Vi is part of Recap Energy AB, an organization founded in 2010 with the mission to provide flexible, customized, and fully financed clean energy solutions to C&I clients.
Since 2016, Recap has been focused on providing solar-based Energy as a Service (EaaS). The company has its headquarters in Stockholm, Sweden, and subsidiaries in Spain (which also serves the Portuguese market), Colombia and Brazil.
Recap has three main business lines:
- C&I – Rooftop Solar: specialized in solar projects for self-consumption.
- Energy storage with batteries (Battery-as-a-Service): providing a series of benefits for C&I clients, such as peak-shaving, increased available capacity, resilience, and UPS as well as grid services.
- Development of ground-mounted solar PV installations: and providing corporate PPAs to C&I clients.
The company currently has 58 full-time employees.
Recap has 456.3 MW developed or under development in both rooftop and ground-mounted solar PVs and 5.3 MW in energy storage.
The team
William Morales
Mechanical Engineer with extensive experience in leading multidisciplinary teams in areas of energy management from non-conventional sources.
Marco Berggren
More than 17 years of experience implementing and financing clean energy projects globally. Responsible for market strategy execution, partnerships and product development.
Juan Carlo Molinares
Electrical Engineer with 23+ years of experience managing, leading and implementing energy and gas generation and energy trading businesses in Colombia in companies such as ECOPETROL, ENEL and ISAGEN.
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 pays a fee that will always be lower than that of the local utility. The fees paid by the client cover the investments, and operational costs, and provide high and stable returns to investors. The business model was first successfully implemented in Spain. Colombia was the next market and soon after Recap was established in Brazil. Currently, Recap also has operations in Sweden and in Portugal (through its Spanish subsidiary).
Active since
2022
Fiscal country
SE
Operating In
Brazil, Colombia, Portugal, Spain and Sweden.
Industry
Investment
Number of Goparity Loans
7
Women Shareholders
Yes
Updates
2024-10-15
First payment
First instalment was paid to all the investors
2024-07-02
100% funded
1103 investors successfully raised 150.000€
2024-06-25
Open for investment
This campaign will help avoid the emission of 173 tons of CO2 per year
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