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336.000 €

100% funded by 1379 investors

Merengue Solar Minifarm

Location Pin Svg
Valledupar, Cesar, CO

instalment

monthly

term

10 years

yearly interest

9.25%

risk rating

B-

Empowering communities with solar energy.

Description

Solenium, is a Colombian company dedicated to advancing global sustainability through the development of new energy technologies. Over the past year and a half, Solenium has shifted its focus to distributed generation projects and aims to lead this market in Colombia. 

Having already developed over 21.8 MWp, Solenium is ready to take the next step and expand its purpose. The purpose of this funding campaign is to finance the engineering, permits, and initial civil works for Solenium's first-owned solar Minifarm. This initiative will enable the promoter to expand its portfolio and increase its positive impact on the communities it serves.

The Minifarm is located in Valledupar in Colombia and will have an annual generation of over 2,390 MWh of clean energy, which is equivalent to powering more than 1,250 homes across 2 communities. The projects developed by Solenuim incorporate initiatives focusing on several dimensions such as:

  • Women's Inclusion - promoting gender diversity by providing equal opportunities for women in the workforce.
  • Educational Coworking - hosting educational spaces for children and youth from neighboring communities at the Minifarms.
  • Agrovoltaic Projects - integrating solar energy with agriculture, benefiting local farmers.
  • Local Labor Empowerment - providing training and employment opportunities locally to contribute to community development.

This current campaign will finance the phase 1 of the minifarm as part of a 3-phase plan divided into a 3 campaign funding plan worth 840.000€. The remaining amount will be funded in two future campaings with the Goparity comunity worth 252.000€, each.

The Impact

Direct 

  • Contribution to the decarbonisation of Colombia, avoiding CO2 emissions: With a total production of clean energy of over 2408 MWh per year, the solar plant will avoid the emission of about 371 tonnes of CO2 per year. This is equivalent to the CO2 absorption of 16.868 trees.

This campaign will fund one third of the total installation, therefore it will contribute to the generation of over 803 MWh of clean energy per year, avoiding the emission of 123,7 tonnes of CO2 yearly. This is the equivalent to the CO2 absorption of 5.622 trees.

  • Sustainable and resilient food production systems: Solenium implements an agrivoltaics solution – in which the photovoltaic panels coexist with agricultural activity in the same land. The promoter partners with a productive actor – either a production or farmers’ association or an independent smallholder farmer – who will manage and work the land and receive the total income from its harvests. Through an agreement of land use conditions, Solenium grants the partner free access to the land and technical knowledge assistance for all steps of the production, from planning to harvesting crops and for sales’ channels and strategies of the products. This ensures the implementation of clean and efficient food production systems and the knowledge transfer to the local communities. 

At the Merengue installation, the productive partner is planning the cultivation of Baby Watermelons in two hectares of land, in a team of around seven people.

  • Jobs creation: for the installation of the Minifarms around 15 temporary and local jobs are created, and around 20% of those work contracts are renovated for other minifarms installations planned in the same region. 

Indirect

  • Promoting sustainable business: the project developed for Solenium is an example of the applicability of solar power integrated with agricultural solutions and inserted within a community’s needs, an important step towards sustainability for businesses in Colombia. Furthermore, Solenium is a certified BCorp in Colombia, which means they reach a set of standards in its practices towards customers, employees, governance and environment.
  • Community engagement and local development: This funding positively affects two communities in Colombia – the rural areas of the cities of La Paz and Valledupar. Solenium builds educational centres to provide training to schools, companies, and the general population. These centres are spaces inside the Minifarms containing computers and learning and experimental materials for the community’s children and youth to learn about technology, solar energy and beyond.

Impact Indicators

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123,7 t

CO2 avoided per year

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0,66

Hectares for biodiversity

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5

jobs created

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803,3

MWh clean energy

Sustainable Development Goals

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Financial viability

The promoter will pay back the loan for this project using revenue streams generated from energy sales at the solar Minifarm. Colombia's energy market is considered favorable for renewables, characterized by flexible regulations, tax benefits, increasing energy prices, and high payment security.

Solenium, has demonstrated company growth and currently holds a substantial pipeline of contracted projects. There is no co-financing involved in this loan. The funding will allow the promoter to enhance market presence and capitalize on the region's solar radiation, anticipating an increase in sales.

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Download the Financial Statements for the promoter here

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Download Key Investment Information Sheet

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Guarantees

Loans granted to the promoter SOLENIUM S.A.S. by investors will have the following guarantees, provided for in the loan agreements associated with the campaign:

  • Personal guarantee from the owners in the total amount of the loan
  • Commercial pledge of assets (solar painels to be installed)

The Promoter

About Solenium

Solenium is a B Corporation founded in 2016 with the mission of advancing new energy technologies to combat climate change and preserve the planet. The company's journey began when its three founders, experts in renewable energy, technology development for the energy sector, and finance, recognized Colombia's potential to spearhead the adoption of clean energy solutions. The founders, who met at university, were inspired by their collective expertise and shared vision for leveraging technology to address environmental challenges. This conviction was further solidified when two of them represented Colombia in an international efficiency naval competition in Switzerland, winning the competition and realizing the need for homegrown innovations to benefit both Colombia and the global community.

Solenium's overarching purpose goes beyond individual projects; it is dedicated to pioneering advancements in renewable energy technology to foster a cleaner and more sustainable future. The company's latest strategic focus on Minifarms underscores its commitment to leading the distributed energy sector in Colombia, thereby contributing to positive impacts within the energy industry.

Solenium's achievements include securing over five innovation grants, obtaining B Corporation certification, and developing a patented solar panel tracker that increases energy generation by approximately 15%. These accomplishments underscore Solenium's commitment to innovation and sustainability. Since its inception, Solenium has grown into a team of over 80 professionals from diverse disciplines.

The company holds several pioneering milestones in Colombia's energy landscape. It was the first company in the country to legalize a house capable of selling energy surplus to the grid. Moreover, Solenium initiated Colombia's first H2 hydrogen pilot project, marking a significant stride in exploring alternative energy sources. Furthermore, Solenium led the development of the first distributed generation project featuring solar tracker technology. This initiative came to fruition following the enactment of regulation Creg 147. 

The team

Jose Giraldo

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CEO

Expert in solar tracking systems, Jose is a Mechanical Engineer who holds a Master's in Engineering and a Master's in Structural Mechanics. He has more than 9 years of experience in engineering projects and team leadership.

Paola Santiago

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CFO

Expert in new business development, finance, and culture. She is an administrative engineer with over 8 years of experience leading innovation projects, M&A processes, and as an entrepreneur.

Eduardo Ospina

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CEO & Co-Founder

Current CEO of Unergy (A spinoff of Solenium). Co-founder and strategy, technology, and vision leader at Solenium. Expert in renewable energy and development of new technologies for the sector.

Nicolás Villegas

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Co-Founder & CTO

Currently the CTO at Unergy, (a branch of Solenium). He's also a co-founder at Solenium, leading in strategy and tech. Nicolás is known for his expertise in renewable energy and developing new tech for the field.

Business Model

Solenium's primary focus lies in developing solar energy projects as an Engineering, Procurement, and Construction (EPC) company. The promoter's core activities encompass engineering, procurement, and construction services, alongside the development of energy technologies to enhance project efficiency and innovation across various industries.

Their value proposition revolves around four key pillars: Technology, Trust, Innovation, and Impact, priding themselves on delivering technology solutions while fostering trust with clients through innovative approaches that drive positive impact.

Solenium operates through three main sales and distribution channels:

  • Engaging directly with landowners, leveraging their commercial team to secure optimal locations based on environmental, radiation, and technical considerations. 
  • Collaborating with Unergy, a spinoff, to facilitate project financing and represent generation power, connecting them with equity investors and energy buyers. 
  • Maintaining close relationships with energy companies, serving as partners in their generation projects.

Key customer segments are primarily located in the northern region of Colombia, where solar radiation is highest. Over the years, the promoter expanded their presence achieving a growth rate two to five times higher than the starting point. Solenium commands approximately 30% of the distributed generation projects market in Colombia.

Active since

2017

Fiscal country

CO

Operating In

Colombia

Industry

Energy

Number of Goparity Loans

1

Women Shareholders

Yes

Updates

2024-08-17

First payment

First instalment was paid to all the investors

2024-07-04

Information on contracts

The promoter, SOLENIUM S.A.S., successfully raised 100% of the funds targeted for this campaign, amounting to €336,000, in two days. 


Your loan is backed by two guarantees to protect your investment: (1) personal guarantees from two company partners; (2) a pledge on solar panels. 

Information about the types of guarantees associated with loans is provided in the Key Investment Information Sheet (KIIS) for each campaign. 

To protect investments on the platform, promoters only receive funds after the guarantees have been formalized. Only then, does the payment plan to investors begin. On average, these steps are completed within 7 days. 

Learn more about the steps taken after the campaign goal is reached here: What happens after a campaign closes? When will I start receiving my money after investing? 


However, unlike in other countries, pledges on equipment in Colombia are subject to registration. This registration process with the relevant authorities is proving to be more time-consuming than expected. According to our lawyers in Colombia, the process will be completed within the next 15 days by the competent authority. 


Goparity strives to make the process of formalizing guarantees as quick as possible; however, its duration may vary depending on the applicable law in the promoter's country, the type of guarantee, and the bureaucratic load of the associated procedures. Investments on the platform remain safeguarded during this phase.

We are actively working with the promoter and Colombian authorities to complete the process as soon as possible. Once the pledge is registered, the funds will be transferred to the promoter, and the payment plan will begin. At that time, this project will be available in the "Contracts > Ongoing" section. You can also check the payment plan and the status of your loan on the same page. 


We will update you as soon as possible! 

2024-05-28

100% funded

1374 investors successfully raised 336.000€

2024-05-22

Open for investment

This campaign will help avoid the emission of 124 tons of CO2 per year

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