- Press Releases
March 21 (Renewables Now) - Spanish crowdfunding platform Fundeen said that it is launching a fundraiser today to support two solar farm projects totalling 9.6 MWp that German developer Enerparc AG is promoting on the island of Mallorca.
The platform, which enables citizen investors to invest as little as EUR 500 (USD 552) in renewable energy development, will seek to raise roughly EUR 1.6 million (USD 1.77m) by prioritising local financing in line with the law of the Balearic Islands.
According to the climate change and energy transition law, developers wishing to promote renewables on the Spanish archipelago must offer at least 20% of the project’s share capital to local communities. Residents of the municipalities hosting Enerparc’s the 4.56-MWp Son Sunyer and the 5.08-MWp Las Andrevas solar PV projects will be given the chance to invest first through Fundeen during a 15-day period that starts today, the crowdfunder said.
Once this period is over, the investment opportunity will be extended to residents of neighbouring municipalities for another 15 days, and if the fund raising goal is not reached, people living elsewhere in Spain will be able to participate in the financing.
Private citizens and legal entities can invest between EUR 500 and EUR 3,000, and up to EUR 200,000 if an investor is accredited or a company. As for the profitability, the internal rate of return (IRR) of the projects will depend on whether an investor buys class B or class C shares.
Class B shares will yield an IRR of 6.50% and grant privileged dividend and the option to be purchased by Enerparc between the second and seventh year. With class C shares, investors can expect an IRR of 3.30% and maintain their position for up to 30 years, Fundeen explained.
(EUR 1.0 = USD 1.103)