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Days left24
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Annual return8,50%
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Investment duration60 MONTHS
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Investors87
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Min/Max investment300 / 150.000€
N.B.: It is not possibille to use Bonus on this Project, neither to use or get Environment Points
WHAT AM I ABOUT TO INVEST IN?
INTRODUCTION TO THE PROJECT
The company Lomas del Taraje, S.L. is requesting financing of €135.000 (with a minimum of €100.000 and a maximum of €150.000) to advance the development, processing, and construction of three photovoltaic solar energy generation projects, in the Solar Community format, for local SMEs.
The project consists of the construction, operation, and maintenance of three photovoltaic solar energy generation facilities in the province of Cádiz, in Andalusia:
- Solar Community Salpesca SL (60 kWp)
- Solar Community Frutas y Congelados Vila SL (45.1 kWp)
- Energy Community AND Unión Viticultores Chiclaneros SC (52.8 kWp).
with a total peak power of 168 kWp and an estimated total generation of 235 MWh per year during the first year of operation. The production, according to the useful life of the solar panels, will gradually decrease until reaching an estimated production, in the tenth year of operation (assuming the same solar panels installed on the first day are still in use), of 225 MWh per year.
PROJECT STATUS
The installation is currently under construction and is expected to be completed in two months, when its legalization is also expected to be finalized.
HOW IS THE INVESTMENT REPAID?
BUSINESS MODEL OF THE SOLAR COMMUNITIES OF LOMAS DEL TARAJE, MONELEG, AND ELEGA ENERGÍA
Lomas del Taraje is a company that operates in collaboration with two other connected companies: Moneleg and Elega Energía. While Lomas del Taraje owns certain assets that it manages, Moneleg is responsible for development, construction, operation, and maintenance of various types of installations in the electricity sector (including photovoltaic solar energy generation plants), and Elega Energía is the supplier that sells the energy to end customers (such as individuals, local businesses, or companies throughout the country).
The Solar Community model of these companies generates benefits in the following way:
- Lomas del Taraje is the owner of the installation that will be installed on the roof of a local SME. Lomas del Taraje enters into an agreement with the SME to obtain a right to use the roof.
- Moneleg, at the request of Lomas del Taraje, carries out the installation on the roof of the SME. Lomas del Taraje covers the costs of installing the solar energy generation system, relieving the SME of any initial investment.
- Once operational, the system generates photovoltaic solar energy. The owner of the system, Lomas del Taraje, sells this energy to Elega Energía.
- The SME, a customer of Elega Energía, has preferential access to the generated energy at a lower price than the market rate. Additionally, if it requires energy during hours when solar energy is not produced (for example, at night), Elega Energía will provide this energy.
APPLICABLE REGULATIONS
The electricity market in Spain is regulated by the following legislation:
- Regulation (EU) 2019/943, of the European Parliament and of the Council, of June 5, 2019, on the internal electricity market.
- Directive (EU) 2019/944, of the European Parliament and of the Council, of June 5, 2019, on common rules for the internal electricity market and amending Directive 2012/27/EU.
- Law 24/2013, of December 26, on the Electricity Sector.
- Royal Decree-Law 1/2019, of January 11, on urgent measures to adjust the competencies of the National Commission on Markets and Competition to the needs arising from Community law in relation to Directives 2009/72/EC and 2009/73/EC.
- Royal Decree 1955/2000, of December 1, which regulates the activities of transport, distribution, marketing, supply, and authorization procedures for electricity generation installations.
QUALITATIVE SCORING AND FINANCIAL SCORING
ENERSCORE+ & INTEGRATED EASYSCORE EXPERT
Ener2Crowd provides a primary qualitative parameter called «EnerScore+», assigned to each investment proposal. This parameter defines a score (SCORING) that objectively, comprehensively, and understandably summarizes all the data characterizing the project from a technical perspective, including an ESG assessment expressed in CLASSES, and a verification of the parameters related to the activated SDGs (Sustainable Development Goals).
A specific financial assessment called «Integrated Easyscore Expert» is also provided, resulting from the credit analysis conducted, which verifies the reliability and solidity of the creditworthiness of the company owning the project.
The resulting EnerScore+ is 7.7, which assigns an ENERSCORE+ BB, while the Integrated Easyscore Expert is at level 4 - SOLVENCY.
| ENERSCORE+ | SCORE RANGE |
ASSIGNED ENERSCORE+ | |
|---|---|---|---|
| FROM | TO |
||
| AAA | 13.6 | 15.0 | |
| AA | 12.1 | 13.5 | |
| A | 10.6 | 12.0 | |
| BBB | 9.1 | 10.5 | |
| BB | 7.6 | 9.0 | BB |
| B | 6.1 | 7.5 | |
| CCC | 4.6 | 6.0 | |
| CC | 3.1 | 4.5 | |
| C | 2.0 | 3.0 | |
| SCORING CONSTRUCTION |
WEIGHT |
PARTIAL RATINGS | |
| TECHNICAL ANALYSIS | 27% | ⋆⋆⋆ | |
| COMPANY ANALYSIS | 55% | ⋆ | |
| HISTORICAL AND MANAGEMENT | 8% | ⋆⋆⋆ | |
| CERTIFIED ESG REPORT | 10% | LEVEL 4 | |
Although the financing is granted to Lomas del Taraje, the analysis is carried out on Moneleg too for two main reasons:
- Moneleg provides a comfort letter to the investors of the Platform.
- Moneleg is the entity responsible for the development, construction, operation, and maintenance of the photovoltaic solar energy generation plant.
Below we summarize some key aspects of the guaranteeing company of the project, Moneleg, S.L.:
- Moneleg, S.L. is a renowned company in the electrical sector, boasting high-profile clients. The presence of these clients has allowed it to achieve a turnover of over 11 million euros in 2023, with an increase of nearly 40% compared to 2019.
- The 2023 EBITDA stands at 7.0% of turnover, compared to values ranging from 5.8% to 7.8% in previous years.
- The gross margin of the company has remained stable between 65-68% in the 2022 and 2023 financial years.
- In 2022, the company recorded a negative result due to the commercial decision not to pass on additional costs incurred for the purchase of materials during the inflation period of 2022-2023. Starting from 2023, the company has returned to a positive result, which it expects to maintain in 2024.
And some key data about the company Lomas del Taraje, S.L.:
- Lomas del Taraje owns assets of Moneleg and Elega Energía worth €1.206.000.
- The Pre-Tax Result for the 2023 fiscal year was €103.000, representing a 38% increase compared to the previous year.
INTEREST RATE DEFINITION
In recent months, the global socio-economic context has led to a significant increase in inflation, which is a prolonged increase in the average level of prices of goods and services. The ECB has therefore predicted an increase in mortgage and financing rates with the aim of preserving consumers' purchasing power. The increase in central rates is a macroeconomic policy to counter inflation: the objective of raising rates is to reduce purchasing power by reducing available liquidity for both individuals and companies, to slow down the economy and prevent a continuous uncontrolled rise in prices. . In June 2024, after 5 years, the ECB made an initial rate cut of 0.25 percentage points, followed by another 0.25 percentage points in September and October, with a continuously revised bearish outlook - following macroeconomic estimates, opening up new scenarios in the financial market.
INDEXING TO EURIRS AND EURIBOR INDICES
Just as banks define the interest rate applied to loans, in this case, the interest rate is also tied to the EURIRS index (in the case of a fixed rate) and EURIBOR index (in the case of a variable rate).
INCOME TAXATION
In accordance with current regulations, the tax rules require that the financed legal entity, in this case Lomas del Taraje, S.L., apply withholding taxes as follows:
- For non-resident investors:
- If you are an individual: application of a final withholding tax rate of 19%;
- If you are a legal entity: application of a final withholding tax rate of 19%.
- For resident investors in Spain:
- If you are an individual: application of an advance withholding tax rate of 19%;
- If you are a legal entity: application of an advance withholding tax rate of 19%.
THE PLACE OF THE INTERVENTION
The location of the intervention is the province of Cádiz, in Andalusia (Spain).
LOMAS DEL TARAJE
Lomas del Taraje, S.L. is a company dedicated to the holding of assets. Its area of operation is limited to the Community of Andalusia, in Spain.
Lomas del Taraje was established in 2004 and its management body has over 40 years of experience in the electrical installations sector.
Lomas del Taraje has two affiliated entities: Moneleg, S.L. and Elega Energía, S.L. The connection among the three companies arises because the person who owns the majority of the shares in all three companies is the same.
Given the relevance of the entities linked to Lomas del Taraje for this project, they are described in the following section.
THE RELATIONSHIP BETWEEN LOMAS DEL TARAJE, MONELEG, AND ELEGA ENERGÍA
As mentioned in the previous section, Lomas del Taraje S.L., Moneleg S.L., and Elega Energía S.L. are linked to each other through their ownership: the person who owns the majority of the shares in all three companies is the same.
For this project, the role of Moneleg and Elega Energía is particularly relevant due to the work they perform in it. On its part, Moneleg is responsible for preparing the rooftops where the solar energy generation plants will be installed, as well as for the installation itself. Additionally, the company will carry out the necessary operations and maintenance of the plants throughout their useful life.
On the other hand, Elega Energía is a marketing company that will be responsible for selling the energy generated at the facilities. This energy is generated in the power plants owned by Lomas del Taraje, therefore, Lomas del Taraje will sell this energy to Elega Energía. Once the energy is acquired, Elega Energía will sell it to the SMEs on whose rooftops the installations have been made, if those SMEs have energy consumption at that time, or to other customers of theirs.
THE OPINION OF THE ANALYST
Lomas del Taraje is a company established in 2004, dedicated to managing its own portfolio assets. Its activities are limited to the province of Cádiz, in Andalusia, Spain. Lomas del Taraje has four partners, although only two are the actual holders of the company. The partners in question are Francisco Guerrero Gallego and María del Carmen Sánchez Benítez, each holding a 30% stake. The company is managed by a sole director, Francisco Guerrero Gallego.
Although it is an independent company, Lomas del Taraje shares ownership with two other relevant businesses for the analysis: Moneleg, S.L., specialized in electrical installations, and Elega Energía, S.L., which deals with energy marketing. This connection makes the three companies interrelated.
Although financing is granted to Lomas del Taraje, the analysis is conducted on Moneleg too for two main reasons:
- Moneleg provides a comfort letter to the investors of the Platform.
- Moneleg is the entity responsible for the development, construction, operation, and maintenance of the photovoltaic solar energy generation plant.
Below are the main conclusions of the economic-financial analysis on Moneleg, S.L.:
a) Moneleg, S.L. is a renowned company in the electrical sector, boasting prestigious clients. The presence of these clients has allowed it to achieve a turnover of over 11 million euros in 2023, with an increase of nearly 40% compared to 2019.
b) During the pandemic years, Moneleg had increased its structural expenses, primarily for personnel and the purchase of goods, thus impacting the company's profitability. However, since 2023, the level of expenses has returned to normal, demonstrating the solidity of the company.
c) The EBITDA for 2023 stands at 7.0% of turnover, in line with previous years, where it ranged between 5.8% and 7.8%.
d) The company's gross margin has remained stable between 65-68% in the 2022 and 2023 fiscal years. In 2023, the purchase of goods increased to 4.9 million euros compared to 4.2 million euros in 2022, marking a 16.6% increase, against a 3% increase in sales. Nevertheless, the margin remained stable and even grew: 68% in 2022 compared to 63.4% in 2021.
e) In terms of Net Financial Debt, it is evident that the improvement in the DFN/EBITDA ratio indicates a recovery following the pandemic period and represents an improvement in the company's situation in the medium and long term.
And from the analysis conducted on the company Lomas del Taraje, S.L.:
a) Lomas del Taraje owns assets of Moneleg and Elega Energía worth €1,206,000.
b) The Operating Revenues for the 2023 fiscal year were €191,000, representing a 22% increase compared to the previous period.
c) The Pre-Tax Result for 2023 was €103,000, which corresponds to 54% of sales.
CONTRACTUAL STRUCTURE
The crowdfunding campaign will finance the installation projects of photovoltaic solar energy panels in three SMEs in the province of Cádiz, in Andalusia (Spain). The financing is formalized between the investors and Lomas del Taraje, S.L., the company that owns the asset.
GUARANTEES FOR THE INVESTOR
The investor has a comfort letter, signed by Moneleg, S.L., available in this project for the investors in the crowdfunding campaign.
CAPEX AND FINANCIAL LEVERAGE
The funding campaign has a Minimum Target of €100.000 and a Maximum Target of €150.000.
The estimated cost for the construction of the facility is approximately €160.000. The Minimum Target on Ener2Crowd will cover 63% of the CAPEX, while the Maximum Target will cover 94% of it.
AMORTIZATION PLAN
The loan agreements signed between the investors and Lomas del Taraje will have a duration of 60 months and will consist of quarterly installments. The loan will be amortized using the French Amortization method, with equal installment payments throughout the loan term that include both interest and a portion of the principal amount borrowed.
The following amortization plan for the Lomas del Taraje, S.L. project is calculated with an interest rate of 8.50% for a total of €150,000; in this example, there are quarterly installments of €9,284.54 each.
NOTE: The start of the Amortization Plan will be on 28/02/2025
*Before any withholding taxes.
CONFLICTS OF INTEREST
The Relevant Parties, except for the Conflict of Interest Policy Manager and the Crowdfunding Service Provider, who cannot under any circumstances participate in the Crowdfunding Offerings published on the Platform, are authorized to invest in this Crowdfunding Offering on equal terms with all other Investors and without preferential treatment or privileged access to information.
For more information, please consult the policy at the following link
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 supporting and implementing the following SDGs Sustainable Development Goals:
Why these SDGs?
• SDG 3 improving the health conditions of the community through the accessibility of the structure;
• SDG 7 energy savings generated by efficiency interventions;
• SDG 8 creation of new jobs generated by the activity;
• SDG 11 improvement of the building, the neighborhood, and the city community;
• SDG 12 responsible and efficient use of available resources;
• SDG 13 combating and mitigating climate change with related reduction of GHG.
Become a protagonist of the future and sustainable development by financing this initiative!
PHOTOVOLTAIC
Solar panels are devices that convert solar light into electrical energy. Made up 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 one, derived from self-consumption and/or selling the energy produced by the system. Estimates predict over 50 GW of new photovoltaic capacity for European countries. This would put Europe on a path of expansion, with a projected average annual growth of 85 GW by 20261. In 2022, 41.4 GW of photovoltaic installations were installed at the European level, a 47% increase compared to the 2021 figure of 28.1 GW1. Photovoltaics represent one of the most promising renewable technologies to drive us towards decarbonization. Supporting initiatives like these becomes crucial to move closer to a more sustainable future.
WHAT ARE THE ENVIRONMENTAL BENEFITS GENERATED BY THE PROJECT?
It is estimated that the three photovoltaic projects carried out by Lomas del Taraje will have a total annual production capacity of 235 MWh, which is equivalent to:
Saving 101.050 kg of CO2 in the atmosphere every year
Planting 10.105 trees, an amount sufficient to cover an area equivalent to 52 soccer fields
Avoiding the emissions from the exhaust gases of 71 cars every year
These are the effects and the benefits that can be generated thanks to your contribution!
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