Description

The goal of this campaign is to refinance two solar photovoltaic projects in the Cundinamarca region, in Colombia. This is the second project promoted by the ReCap Group through Goparity. ReCap is a Swedish organisation with over 10 years of experience in renewable energy and energy efficiency projects.

Here are some of the main features of the projects:

Colégio Claretiano

Founded in 1958 by the claretian missionary Father Miguel Rodríguez, the school was initially a small studies center for children in the parish. Since then, the school has grown to be an important education hub in the region. The education proposal includes an impact strategy on people and the environment, developed in an organizational structure that favours human and spiritual qualities. Due to COVID-19, the school is providing remote classes and there has been no student withdrawing so far.

The solar PV plant installed this July and is expected to be connected to the grid by August. It has the following technical characteristics: 

• Installed capacity: 60,75 kWp  
• Estimated yearly production: 91,61 MWh  
• Yearly CO2 reduction: 35,4 tons

Agromonte

Agromonte has been in the flower business since 1984. Agromonte uses hydroponic cultivation, which allows for greater production in less space, minimizing the use of fertilizers and pesticides, thriving for producing with the highest quality. Agromonte has a special focus on the welfare of its employees, providing them with health care, stability, and education. Agromonte also understands its role as a development agent in its surrounding community and is committed to being a good role model, for example, by using solar energy.

The solar PV plant is connected to the grid since October 2019 and has the following technical characteristics:

• Installed capacity: 24,70 kWp  
• Estimated yearly production: 30,39 MWh   
• Yearly CO2 reduction: 11,82 tons

The Impact

The two projects will have environmental direct impacts:

• CO2 emissions reduction: in total both projects will avoid the emission of 47,22 tons off CO2 per year, the equivalent to planting 2.146 trees and to the annual consumption of 31 European households;
• Clean energy production: in total both projects will generate 123 MWh of clean energy per year.

And at the same time, they have social indirect impacts:

• Raising awareness of sustainable energy: the system installed in the Claretian School will serve as a showcase to students and parents, a real-life example of the functionality and benefits of solar energy.
• Promoting sustainable business: the project developed for Agromonte is an example of the applicability of solar power for agriculture business, and in this case serves as a benchmark to the flower growing business, an important business segment in Colombia.
• Reduction in energy costs: both companies will lower their electricity costs.

Impact Indicators

54,73 t

CO2 avoided per year

131,6

MWh clean energy

Contribution to the Sustainable
Development Goals

Sustainable Development Goals

Financial viability

Both projects will be re-financed with this campaign. The capital that ReCap has invested will be used for further expansion in the Colombian market.

In exchange for the benefits provided by the solar PV system, the client pays ReCap a monthly fee throughout the contract term (7 years Agromonte and 15 years Colegio Claretiano).

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.

Download Key Investment Information Sheet

Guarantees

• Pledge agreement over the shares of ReCap Solar Fund II AB;
• Pledge agreement over the shares of ReCap Solar Colombia SAS;
• Pledge agreement on the receivables/credit rights arising from the ESC, 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

Founder & CEO

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

William Morales

General Manager - Colombia

Mechanical Engineer with extensive experience in leading multidisciplinary teams in areas of energy management from non-conventional sources.

Business Model

Updates

2020-08-02

Project Photographs