Description

This campaign aims to finance a photovoltaic self-consumption system for the company Alvarsol, Sociedade de Lavandarias do Algarve, Lda.

The installation and operation of the solar panels will be carried out by the campaign promoter: Solcor Portugal, specialising in solar installations.

Founded in 1983, Alvarsol, Sociedade de Lavandarias do Algarve, Lda., is a company that offers textile care for hotels and restaurants. Their services include industrial laundry, the sale of industrial chemicals, new and used machines, and specialized technical services. Alvarsol uses chemical procedures without alkalinity or chlorine, the company maintains high quality and hygiene standards through investments in technology and training.

Social responsibility is one of the pillars of the company, which supports charities and maintains partnerships with cultural associations. They also offer professional training programs, collaborating with the school Escola EB Dr. António de Sousa Agostinho to train future professionals.

Alvarsol is now expanding its commitment to sustainability by replacing its roof and installing a 110 kWh solar plant. This installation will produce approximately 154 MWh annually, providing 24% self-sufficiency and reducing costs by 25%.

This is Solcor's eighteenth campaign. In 13 out of the 17 previous campaigns, the financing objective was solar energy for social organizations (IPSS): Solcor Solar Social, Solcor Solar Social II, Solcor Solar Social III, Solcor Solar Social IV,  Solcor Solar Social V, Solcor Solar Social VI. Casarão Solar, Solcor Solar Social VII, Solcor Solar Social VIII, Solcor Solar Social IX, Solcor Solar Social X, Solcor Solar Social XI, Solcor Solar Social XII, Neutripuro Solar, and Solcor Social XIII.

The Impact

Direct  

• Contribution to the decarbonisation of Portugal, avoiding CO2 emissions: With a total production of clean energy of 154 MWh per year, the solar plant will avoid the emission of about 13 tonnes of CO2 per year. This is equivalent to the CO2 absorption of 602 trees. 
• Cost reduction for the end customer: decentralized energy production through renewable sources, close to the place of consumption, helps to avoid distribution costs, this being the most competitive option. In addition, the company's lower dependence on the national grid makes it less vulnerable to price fluctuations and tax charges. 

Indirect 

• Promoting sustainable business: the project developed for Alvarsol a is an example of the applicability of solar power for any business, and in this case serves as a benchmark to similar industries, an important step towards sustainability for businesses in Portugal. 

Impact Indicators

13,24 t

CO2 avoided per year

154

MWh clean energy

Contribution to the Sustainable
Development Goals

Sustainable Development Goals

Financial viability

Download the Financial Statements for the promoter here

Download Key Investment Information Sheet

Guarantees

Loans granted to the promoter SOLCORELIOS II, UNIPESSOAL LDA by investors will have the following guarantees, as stipulated in the loan agreements associated with the campaign:

• Pledge of the sole quota of SOLCORELIOS II, UNIPESSOAL LDA, owned by SOLCORACTION, LDA.
• Pledge of credit rights from SOLCORELIOS II, UNIPESSOAL LDA, regarding amounts receivable under its service contract with its client: Alvarsol, Sociedade de Lavandarias do Algarve, Lda.

The Promoter

About SOLCORELIOS II, UNIPESSOAL LDA

SOLCORACTION LDA, or Solcor Portugal, is part of Solcor Group, a group with Belgian roots, founded in 2014 and active in Portugal, Chile, and Colombia. The group is committed to developing commercial solar plants and financing these projects. To date, they have over 400 projects concluded.

Solcor often relies on technical advice from the other companies in the group, strongly connected by sharing the same shareholders. Together they are active in basically every aspect of the solar photovoltaic market: 

• EMAT - a distributor of photovoltaic equipment.
• Nikola - a residential installer.
• Delta Activos - a dedicated solar maintenance company.

SOLCORELIOS II, UNIPESSOAL LDA is part of the Solcor Group (a daughter company of Solcor Portugal), created to develop solar projects for associations with community engagement.

Solcor has been active in Portugal since 2019. They have a talented team of 15 people with a track record of over 100 solar projects in Portugal, contributing to the company's experience in developing, operating, and financing solar plants nationwide. 

Solcor wants to increase energy consciousness and contribute toward decarbonizing our economy by developing sustainable relationships through fruitful, simple, and transparent agreements and collaborations. Based on their performance and financial solidity, the promotor was certified as one of Portugal's top 5% of best SMEs (2022).

Their solar plant in Museu do Caramulo is one of the first collective self-consumption installations in the country.

The team

Steven V Cauwenberge

Executive Director of the group

Founder of Solcor Group, currently working as executive director of Solcor Group. Bsc & Msc in Business Engineering - Finance at KU Leuven, Bsc & Msc in Civil Engineering and Postgrad Investment analysis at London School of Economics.

Vincent Vangeel

Co-founder and CEO

Bsc & Msc in Business Engineering - Supply Chain at KU Leuven, Msc in Renewable Energy Engineering at IST Lisboa, KTH Stockholm.

Tommaso Mura

Co-founder and COO

Bsc in Energy Engineering at Politecnico di Torino, Msc in Renewable Energy Engineering at IST Lisboa, KTH Stockholm.

Business Model

Updates