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50.000 €

100% funded by 257 investors

ReCap Solar Brazil

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Brazil, BR




5 years

a year




Two solar power plants for self-consumption in Brazil.


The goal of this campaign is to finance two solar photovoltaic projects in the Brazilian states of Rio de Janeiro and Santa Catarina.

The project promoter is the ReCap Group, an organisation with over 10 years of experience in renewable energy and energy efficiency projects.

Here are some of the main features of the projects:

Multi Open Shopping

Multi Open Shopping is located in beautiful Florianópolis, a city in the south of Brazil. This commercial complex was inaugurated in 2018 and has over 30 stores and restaurants and 155 office rooms.

Since its creation, sustainability has always been an important aspect of Multi Open Shopping. This reflects in initiatives such as its own sewage treatment plant; a system to collect rainwater which is then used for cleaning, irrigation, and toilets; Plastic usage avoidance (for example, by not offering plastic straws or cups); and the development of the Movement MULTI Mercado Verde, which promotes a sustainable economy, strengthening responsible consumption and production.

The solar PV plant installation was completed this April and is just awaiting the approval for grid connection, which has been delayed due to COVID-19, but shall happen very soon. The PV plant has the following technical characteristics:

  • Installed capacity: 26,25 kWp
  • Estimated annual production: 32.772 kWh per year
  • Annual CO2 reduction forecast: 13,11 tons per year (approximately the emissions of a passenger gasoline car when travelling 97.111 km)

The shopping mall project will be re-financed with this campaign. The capital that ReCap has invested in the project will be used for further expansion in the Brazilian market.

Americano Futebol Clube – Brazil

Americano Futebol Clube is a nonprofit organisation based in Campos de Guaytacazes, a city in the state of Rio de Janeiro, Brazil. Founded in 1914, Americano is more than just a football club for its surrounding community. Besides football, the club has facilities for practicing other Olympic and Paralympic sports, as well as being a promoter of social, educational, and cultural activities. After their old stadium was demolished in 2014, a new one is being built which will have capacity for around eleven thousand people. The new stadium will be located next to its current training centre where the solar PV plant will be installed. The system will have the following technical characteristics:

  • Installed capacity: 29,92 kWp
  • Estimated annual production: 42.308 kWh per year
  • Annual CO2 reduction forecast: 16,92 tons per year (approximately the emissions of a passenger gasoline car when traveling 125.333 km)

The plant will be built as soon as the campaign is over and the funds are released.

The Impact

The two projects have a direct impact on CO2 reduction. By producing 75.080 KWh a year, they will avoid the emission of 30 tons of CO2 per year, the equivalent to planting 1.364 trees and to the annual consumption of 20 European households. Besides this, both companies will lower their electricity costs.

There are also some indirect impacts worth mentioning – the two projects will raise awareness on the use of renewable energy once both facilities receive a significant number of people a year.

Impact Indicators

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30 t

CO2 avoided per year

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MWh clean energy

Sustainable Development Goals

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Financial viability

In exchange for the benefits provided by the solar PV system, the client pays ReCap a monthly fee throughout the contract term (8 and 18 years). 

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.

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Download Key Investment Information Sheet

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  • Pledge agreement over the shares of ReCap Solar Fund III AB;
  • Pledge agreement over the shares of ReCap Solar Brasil;
  • Pledge agreement on the receivables/credit rights arising from the ESC, which will belong to ReCap Solar Brasil;
  • Pledge Agreement over the bank account in which the credit from ESC is transferred and belongs to ReCap Solar Brasil.

The Promoter

About Recap Solar Fund III AB

The Recap Solar Fund III 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, Brazil, and India.

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 and grid services.

- Development of ground-mounted solar PV installations: and providing corporate PPAs to C&I clients.

The company currently has 40 full-time employees. 

Recap has 297 MW developed or under development in rooftop and ground-mounted solar PVs and has recently signed a pioneer energy storage contract for 3,3 MW.

The team

Felipe Borschiver

Country Manager Brazil

Felipe Borschiver is Recap's Country Manager for Brazil, based in Rio de Janeiro, where he manages the development of Recap's national energy portfolio. His experience lies in structured finance, distributed energy, and land-use projects. Before joining Recap, Felipe worked for IP Capital Partners and founded/managed Archipelago Partners, both asset management companies focused on long-term equity investments in Brazil. He has extensive experience in financial analysis and assessment of governance and incentive frameworks and structuring financial products. Felipe holds an Economics degree from the University of Rio de Janeiro and a master in Sustainable Finance from the COPPEAD School of Management (UFRJ).

Marco Berggren

Founder & CEO

More than 17 years of experience implementing and financing clean energy projects globally. Responsible for market strategy execution, partnerships and product development.

Eduardo Rechden


Eduardo holds a Master in Environmental Management and Policy, from Lunds Universitet and a Master in Environmental Management, from Universidad de Sevilla. He is specialized in Solar and renewable energy, CSR and Stakeholder assessments, waste management and urban environmental management.

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 and India. Currently, Recap also has operations in Sweden and in Portugal (through its Spanish subsidiary).

Active since


Fiscal country


Operating In

Brazil, Colombia, India, Portugal, Spain and Sweden


Renewable energy

Number of Goparity Loans


Women Shareholders




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First payment

First instalment was paid to all the investors


100% funded

222 investors successfully raised 50.000€


Open for investment

This campaign will help avoid the emission of 30 tons of CO2 per year

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