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Days left0
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Variable rate8,82%
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Investment duration48 MONTHS
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Investors227
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Min/Max investment100 / 150.000€
NEW! FLOATING INTEREST RATE
In recent months, the global socio-economic context has led to a significant increase in inflation, which is the prolonged increase in the average level of prices for goods and services. For this reason, the ECB predicts an increase in mortgage and financing rates with the aim of preserving consumers' purchasing power.
FLOATING INTEREST RATE
The interest rate is calculated as follows:
Period interest rate [%] = Base interest rate [%] + Floating interest rate [%]
- The base interest rate is the fixed value below which the period interest rate cannot fall;
- The floating interest rate (EURIBOR) is an indexed value that varies over time and is read directly from the European Central Bank's portal.
EURIBOR (European Inter-Bank Offered Rate) is a reference interest rate used in the euro interbank market. It indicates the average rate at which European banks lend money to each other and serves as a basis for setting interest rates on a wide range of financial products, such as mortgages and loans.
Based on the reference period (monthly, quarterly, semi-annual, or annual), the corresponding EURIBOR index is applied, in particular:
- EURIBOR1M = for a reference period of 1 month;
- EURIBOR3M = for a reference period of 3 months;
- EURIBOR6M = for a reference period of 6 months;
- EURIBOR12M = for a reference period of 12 months;
The variation in the period interest rate will recalculate the interest portion of each installment. The recalculation takes place at the beginning of the reference month in which the installment payment is made, and the value of the variable interest rate is equal to the average value of the previous period.
For example:
If a payment installment is scheduled for April 30, 2024, on April 1, 2024, the installment amount is calculated using the floating interest rate referring to the month of March 2024.
N.B.: The Environment Points, in the case of investments in projects with a floating rate, are verified at the time of the investment, and the additional rate obtained will be added to the Base Rate, thus generating a fixed part, to which the Euribor, the variable part, will then be added, which will be recalculated for each installment
WHAT AM I ABOUT TO INVEST IN?
The Agricultural Company Minerbio S.r.l. - 100% owned by Fenice S.p.A. Benefit Company - requests two loans, one for 48 months for a maximum amount of €150,000, and the other for 12 months for a maximum amount of €250,000, for a total of €250,000 minimum and €400,000 maximum, for the revamping and repowering of 6 existing photovoltaic plants, purchased through an auction, with a total value of 0.97 MW located at a leading floriculture company in Baricella (BO).
The photovoltaic plants are integrated on the roofs of the greenhouses where the floriculture business is carried out.
In addition, a biomass plant owned by Fenice S.p.A. will also be connected to the same greenhouses to transfer residual heat from the electricity production, incentivized by GSE, transported by an already established district heating network.
The Company Minerbio S.r.l. won the auction held on April 11, 2024, for the purchase of the land for a total of €1,170,000, with a 20% deposit of that amount which will then be part of the equity made available to the bank financing the operation. The plant on the land would be acquired free of debts and mortgages.
PLANT DETAILS
These are n° 6 photovoltaic plants with a total power of 0.97 MW with a tariff of €0.22/kWh (€0.283 for plant 6), in addition to the energy price, i.e., the 4th energy bill. Since the plant is located in the "seismic crater 2012" area, the incentive started in 2013 and will last until 2033, with a total duration of 10 years from the auction. The 6 plants all have a power lower than 200 kW, so the incentives were not spread in 2014. The plants have been inspected by GSE and passed the inspection.
HOW IS THE INVESTMENT REPAYED?
The 6 photovoltaic systems with a total power of 0.97 MW benefit from the incentive tariff of 0.22 €/kWh in addition to the energy price, specifically the 4th energy account. As the plant is located in the "2012 seismic crater" area, the incentive started in 2013 and will last until 2033.
There is also a possibility of creating an energy community in a second phase among interested parties to take advantage of the incentives provided for excess energy.
In addition to the energy produced, there will also be proceeds generated from the floriculture and horticulture activities. Società Agricola Minerbio plans to lease or rent out these activities to third parties.
QUALITATIVE SCORING AND FINANCIAL RATING
ENERSCORE+ & EASYSCORE INTEGRATED EXPERT
Ener2Crowd provides a first qualitative parameter called "EnerScore+" that is assigned to each investment proposal. This parameter defines a SCORING that objectively, comprehensively, and understandably summarizes all the data that characterize the project from a technical point of view, including an ESG evaluation expressed in CLASSES, and a verification of activated SDGs (Sustainable Development Goals).
A specific Financial Rating called "Easyscore Integrated Expert" is expressed, resulting from the credit analysis carried out by EasyFintech, which verifies the reliability and creditworthiness of the Project Holder Company. EasyFintech S.r.l. is a company that carries out commercial information dealer activities with License art. 134 TULPS Prefecture of Milan prot. n. 14795/12B15E of 31/01/2020.
In the case of the project proposed by Società Agricola Minerbio S.r.l., the resulting EnerScore+ is 11.85, therefore an ENERSCORE+ A (ESG) is assigned, while the Integrated Expert Easyscore is at level 4 - SOLVENCY.
Qualitative Scoring - EnerScore+
Elements taken into analysis:
- Clarity of project objectives and comprehensibility of descriptions;
- Strategic value of the project;
- Project business plan;
- Clarity of information;
- Technical-project verification;
- Evaluation of the project owner team's integrity;
- Historical data and experience in the Platform of the project owner, and if applicable, track record of payment punctuality;
- Consistency of the crowdfunding project with the platform's purposes and mission, particularly environmental sustainability, innovation, positive impact on the territory, ethical nature of the service offered, and social impact;
- Activated SDGs of the project;
- ESG report provided by Cerved Rating Agency.
Integrated Score released on 04/04/2024 - confidential and not reproducible
Financial Scoring - Integrated Expert Easyscore
Elements examined for the calculation of the Integrated Expert Easyscore Report - (classes from 1 to 10 with a score from 0 - 100) prepared by EasyFintech S.r.l.:
- Company structure, actual owners, and reputational analysis;
- Analysis of individuals and related companies;
- Last three deposited financial statements;
- Financial scoring (Crif, CriBis, CeBi, Cerved, Dun & Bradstreet);
- InfoCamere database analysis;
- Any bad news regarding the company's owners and administrators;
- Any prejudicial registrations or transcriptions concerning the Project Holder, controlling shareholders, and company representatives;
- Statistical methodologies based on Artificial Intelligence, Machine Learning, and Data Analysis;
- Commercial reliability scoring;
- Centrale Rischi analysis by the Bank of Italy.
NOTE: It is specified that these values represent only a reflection element that an investor can consider when deciding to participate in the financing.
PLACE OF THE INTERVENTION
SOCIETÀ AGRICOLA MINERBIO S.R.L.
The Società Agricola Minerbio S.r.l. is a 100% controlled SPV by Fenice S.p.A. Società Benefit created for the project of the campaign.
The creation of the dedicated SPV Soc. Agr. Minerbio S.r.l. makes the management of activities more immediate from a fiscal and administrative point of view. The company is specifically created to win the auction from which it became the owner of the assets - the photovoltaic plants and greenhouses from which it will derive profits for the coming years.
Below are the details regarding the parent company Fenice S.p.A. Società Benefit:
Fenice is an independent and specialized company founded in 2002 that mainly invests in renewable energy.
In addition to an undeniable environmental advantage, these plants not only represent an alternative to traditional assets but also offer higher, long-term, and predictable returns compared to them.
The investment allows higher-than-average returns, taking advantage of the financial leverage present in special purpose companies, made possible by the consistency of flows over time, creating an asset that is uncorrelated with the trends and moods of financial markets.
The time horizon is medium/long term. The plants are self-developed or acquired on the secondary market.
The flexibility, speed of execution, extensive expertise, and long experience are reflected in the quality of returns and their consistency over time.
THE HISTORY
The company was founded in 2002 as a real estate company (Gorini Immobiliare S.r.l.); after the real estate developments, in 2010, the agricultural company 33 Srl was incorporated, bringing in plants and authorizations that will be developed and/or sold to investors.
The name changes to Fenice S.r.l., the shareholder structure is expanded, and the Board of Directors becomes composed of 5 members. In 2016, following an acquisition and subsequent merger, CGS Energia Srl is acquired. The shareholder structure is further expanded with the entry of new investors, and the board of directors becomes composed of 7 members. The transformation into a joint-stock company following the merger, the appointment of a board of auditors with the function of auditing the financial statements, provide greater protection and transparency to investors.
Fenice Invest SpA is born.
In 2016, the first bond loan is also issued, which includes 4 types of bonds with different durations and yields. In 2017, the 1st tranche is repaid. The company currently has 13 plants in its portfolio distributed among 9 SPVs. The company continues to grow through the development of new opportunities and the search for small to medium-sized connected plants that, due to their small size, do not attract interest from investment funds.
THE ANALYST OPINION
The analysis of the Company that aims to raise funds is the result of the Report provided by EasyFintech S.r.l. - License art. 134 TULPS Prefecture of Milan prot. n. 14795/12B15E of 31/01/2020 - based on computer systems of available databases such as Crif, CriBis, CeBi, Cerved, Dun & Bradstreet, InfoCamere, and other financial scoring tools that combine traditional analysis (economic-financial, performance, reputational) with statistical methodologies based on Artificial Intelligence, Machine Learning, and Data Analysis.
The company Agricola Minerbio S.r.l. is a SPV fully controlled by Fenice S.p.A. Benefit Company - the analysis below was conducted on the controlling company Fenice S.p.A. Benefit Company.
The company is administered by Mauro Gorini, the same administrator as Fenice S.p.A. Benefit Company, with no previous negative issues.
The adopted analysis methodology involves the calculation of a synthetic risk indicator, called Integrated Easyscore by EasyFintech S.r.l., obtained through a proprietary algorithm that integrates and synthesizes three partial scores (Easyscore Expert, CeBi Score 4, and CR Score). The Integrated Easyscore by EasyFintech places the company in the "Solvent" judgment area.
Below is a summary of the analysis of the other partial scores:
• Cribis D&B Rating: evaluates the financial solvency and commercial reliability of the company through the calculation of the Cribis D&B Rating (Failure score, Delinquency score, Paydex Cribis D&B, negative events). Fenice S.p.A. has been assigned a Cribis D&B Rating of "2" with a "lower than average cessation risk";
• CeBi Score 4: CeBi elaborations provide the calculation of the PD - Probability Default through a certified algorithm for the banking world, within the scoring models and internal rating systems (so-called Internal Rating Based) used by Italian Credit Institutions. The scores evaluate the economic and financial solidity of the company, placed in its current and prospective economic system. The analysis of the balance sheet as of 31-12-2022, in terms of insolvency risk, classifies the company in Class V, corresponding to a High Security situation with a PD of 1.58%. This class includes 19.21% of companies belonging to the MANAGEMENT CONSULTING sector.
• CR Score: expresses in a synthetic way a judgment on the use of credit lines granted by the banking system, reported within the Central Credit Register of the Bank of Italy. The Score related to the Central Credit Register of the Bank of Italy is calculated over a 12-month period. This value is confidential as it is not public data, but it shows a level of Security.
The preceding analyses, summarized in the Integrated Easyscore by EasyFintech, place Fenice S.p.A. in a "Security" area.
CONTRACTUAL STRUCTURE
The Financing Agreement is a specific-purpose loan: Minerbio S.r.l. commits to use the funds received from Investors exactly as specified in the Project outlined in the public offer and not to divert them for other purposes.
There is an Autonomous Guarantee provided by Fenice S.r.l. - the Controlling Company of Minerbio S.r.l..
COST STRUCTURE
The expected cost for winning the auction is €1,170,000. The minimum target for the fundraising on Ener2Crowd will cover 8% of the Capex, while the maximum target will cover 21% of the total.
The crowdfunding campaign is a bridge loan as the financing through the crowd will be refinanced in the long term through an already identified bank institution. The crowd share will be used to cover the initial costs.
LOAN AMORTIZATION SCHEDULE
The amortization plans provide for the repayment of both Capital and Interest in each installment at a variable rate (EURIBOR). Therefore, there will be quarterly installments with a varying interest portion.
Below is the trend of the 3-month EURIBOR: EURIBOR3M
48-MONTH AMORTIZATION PLAN
The following amortization plan for Minerbio S.r.l. is calculated with an interest rate of 6%+EURIBOR3M for a total of €150,000.
Note: The amortization plan begins from the first available date after the terms of the disbursement have elapsed. Therefore, the table provided is a mere simulation containing the first available date in case the campaign is completed at its expiration.
*excluding any tax withholdings.
**The interest rate has been assumed with the latest available EURIBOR, it is an example value for informational purposes.
ATTENTION: In the case of projects with a variable rate, all additional rates resulting from environmental points and/or bonuses do not change with the variation of the Euribor but are defined during the investment phase and added to the base fixed rate, constituting a fixed portion to which the variable Euribor portion will be added in each installment.
SDGs ACTIVATED BY THE PROJECT
The SDGs - Sustainable Development Goals are 17 goals defined by the United Nations in the 2030 Agenda for Sustainable Development as a framework for a programmatic strategy "to achieve a better and more sustainable future for all" by 2030.
https://sdgs.un.org/goals
By financing this project, you can contribute to support and implement the following SDGs Sustainable Development Goals:
Why these SDGs?
• SDG 7 production of accessible electricity from renewable sources;
• SDG 9 implementation of resilient infrastructures and facilities;
• SDG 11 improvement of energy efficiency and strengthening of communities;
• SDG 12 responsible and efficient consumption of available resources;
• SDG 13 combating and mitigating climate change with a corresponding reduction in GHG emissions.
Become a protagonist of the future and sustainable development by financing this initiative!
PHOTOVOLTAIC
Photovoltaic panels are devices that convert solar light into electrical energy. Composed of solar cells containing semiconductor materials, the panels capture photons from the sun and transform them into direct current. This clean and renewable energy can be used to power our homes, businesses, transportation, and industries, reducing environmental impact. In addition to this environmental benefit, there is also a financial advantage derived from self-consumption and/or the sale of energy produced by the system. Estimates predict over 50 GW of new photovoltaics for European countries. This would lead Europe on a path of expansion, with a projected average annual growth of 85 GW by 2026. In 2022, 41.4 GW of photovoltaic installations were installed throughout Europe, a 47% increase compared to the 2021 figure of 28.1 GW. Photovoltaics represent one of the most promising renewable technologies to drive us towards decarbonization. Supporting these types of initiatives becomes essential to bring us closer to a more sustainable future.
WHAT ARE THE ENVIRONMENTAL BENEFITS GENERATED BY THE PROJECT?
It is estimated that the photovoltaic system of the Minerbio S.r.l. project will have a total estimated annual production of 1.044.925 kWh, which is equivalent to:
Saving 449.318 kg of CO2 in the atmosphere every year
Planting 44.932 trees, enough to cover an area of 229 football fields
Avoiding the emissions of exhaust gases from 314 cars every year
These are the effects and benefits that can also be generated thanks to your contribution!
Fast Ticket
Invest in the first days of the campaign, for you immediately an additional 0.5% interest rate
Green Generation
Additional return bonus of + 0.5% on all green loans, reserved for Under24s (18-24 years)
