Invest in a portfolio of 6 operating photovoltaic projects in Hungary
Following the successful completion of several crowdfunding campaigns in partnership with Enerfip, ID Energy is once again inviting citizens to participate in supporting the energy transition in Hungary.
The company is offering an opportunity to allocate a portion of their savings toward the refinancing of a portfolio comprising 6 photovoltaic projects located in Hungary, with a total installed capacity of approximately 7 MWp.
The amount sought for round 1 is EUR 2 000 000, as part of a total fundraising target of EUR 4,000,000, structured over multiple rounds. The investment carries a 18-month term and offers a fixed annual interest rate of 8.00%. The instruments issued are senior-ranking simple bonds.
As collateral, 100% of the shares of Apatita Solar SL—the entity that owns the photovoltaic assets—will be pledged.
→ to learn more about solar energy, read our dedicated article on the blog L’Empreinte.
The offer
Refinancing of a portfolio of 6 photovoltaic projects in operation in Hungary
At the end of 2023, Enerfip closed a first fundraising round of 4,000,000 EUR, intended to finance the construction of five of the six planned projects (excluding Vép). This issuance, carried out through the Enerfip platform, was structured with the express possibility of carrying out a subsequent complementary issuance, referred to as the “Subsequent Issuance.” According to the terms set out in the Issuance Contract signed on August 29, 2023, the issuer (Evacaedum, S.A.) is authorized to carry out these subsequent issuances without the need for prior new authorization, provided that the economic and legal conditions of these new issuances are substantially similar to those of the initial issuance. This contractual flexibility allows for anticipating a second fundraising within an 18-month period without requiring new validation from the initial investors.
For this second fundraising, ID Energy is offering an investment opportunity in the refinancing of six operational photovoltaic projects.
The simple bonds issued under this offering carry a fixed annual interest rate of 8.00% with abullet repayment structure over a 18-month term. Interest will be paid annually. The bonds are governed by Spanish law.
The envisaged repayment strategy is based on a future structural refinancing, which will be initiated once the overall portfolio reaches sufficient scale to secure more competitive, long-term financing aligned with the mandates of institutional investors. Alternatively, the repayment may be executed through the divestment of the underlying assets, whose projected market value significantly exceeds the current outstanding debt.
As security, 100% of the shares of Apatita Solar SL—the legal owner of the six photovoltaic projects—will be pledged in favor of the bondholders.
Specifications
Investment phases
- Investment open to everyone
End of project financing
Resources
Simulator
Investment simulation
Evacaedum II - Obligation 8%/year over 1.5 year
Simulation - Rate : 8% / year on 1.5 ans
Initial investment:
€1,000
Repayments and interest:
€1,120
In 2 transfers
| Date | Interest* | Capital | Amount |
| 30/05/2026 | €80 | €0 | €80 |
| 30/11/2026 | €40 | €1,000 | €1,040 |
| Total | €120 | €1,000 | €1,120 |
*Gross interest before tax, including all fees (view taxation) The result presented is not a forecast of the future performance of your investments. It is only intended to illustrate the mechanics of your investment over the investment period. The evolution of the value of your investment may vary from what is shown, either increasing or decreasing. | |||
The project
Project Overview:
The six projects are located in the west of Hungary and consist of ground-mounted photovoltaic plants, with a combined total capacity of 6.85 MWp. The total investment amounts to €6.1 million, which represents approximately €890/kWp. Since the projects are in Hungary, Enerfip commissioned several specialized firms to conduct legal, technical, and financial due diligence as part of the first financing round Evacaedum I.
Each project is named after the city in which it is located:
- Vép
- Szigetvár
- Kastély
- Dunaföld I
- Dunaföld II
- Szentegát
Overview of the Hungarian Market:
In June 2020, Hungary was one of the first countries in the world to commit legally to carbon neutrality by the year 2050, and it plans to completely phase out coal by 2030 at the latest. Improving energy efficiency, developing renewable and nuclear electricity, and electrifying final consumption sectors are identified as the main pillars for achieving the 2050 goal.
Hungary plans to build two new nuclear reactors, while solar photovoltaic energy has experienced significant growth. In fact, the solar sector has surpassed the initial target of 6 GW of installed capacity set for 2030 six years ahead of schedule, leading the government to raise that target to 12 GW by the early 2030s.
The country remains highly dependent on electricity imports, primarily from Slovakia, Austria, Romania, and Ukraine. The import rate is one of the highest in the European Union: more than 25-30% of national consumption comes from abroad.
Project owners
ID Energy is a dynamic and fast-growing Spanish group, recognized for its multi-sectoral expertise in the field of renewable energies. Present in 12 countries across Europe and South America, the group relies on an ambitious international expansion strategy while maintaining an integrated approach that allows it to control the entire value chain of projects.
ID Energy’s activities are vertically integrated, covering all essential stages of the lifecycle of an energy project: development, construction, operation and maintenance (O&M), as well as power purchase agreements (PPA).
The group has a diversified technological expertise, allowing it to meet the varied needs of markets and contribute to the energy transition in different geographical contexts. Its main areas of specialization include:
- Solar energy
- Wind energy
- Biogas
- Methanization
- Energy storage
Our analysis
Risk overview
Counterparty risk
Risk of default by the counterparty on the purchase of electricity, which would jeopardize the project's cash flow.
Mitigation methods
The METÁR system in Hungary constitutes a contract with the State. ID Energy has the option to terminate this contract at any time and sell the electricity on the open market.
Counterparty risk
Risk of counterparty payment default that would jeopardize the project's cash inflows
Mitigation methods
The METÁR system in Hungary constitutes a contract with the State. ID Energy has the option to terminate this contract at any time and sell the electricity on the open market.
Country risk
Risk of devaluation of local currency, which could impact revenues and compromise ability to service debt.
Mitigation methods
The National Bank of Hungary actively intervenes to stabilize the currency, thereby limiting extreme long-term fluctuations. 80% of ID Energy’s operations are denominated in euros. Foreign exchange transactions are settled on a spot basis; depending on exchange rate movements, hedging instruments may be implemented. It is worth noting that the majority of the activity is conducted in euros.
Country risk
Risk of policy change
Mitigation methods
Hungary is a member of both the European Union and NATO, which gives it a strong position against potential external threats. In terms of national policies, Hungary was one of the first countries in the world to make a legal commitment to carbon neutrality by 2050, and the outlook for renewable energy development is highly promising.
Refinancing risk
Credit risk related to the company's ability to refinance and meet its debt obligations.
Mitigation methods
The refinancing strategy has been structured through bank refinancing within two years, as well as through asset sales. Both options have been assessed and will enable us to cover the refinancing amount.
Regulatory risks
Risk of changes in regulations applicable to the sector, involving reductions in subsidies or new taxes with a significant impact on project revenues.
Mitigation methods
Hungary was one of the first countries in the world to make a legal commitment to carbon neutrality by 2050, and the prospects for renewable energy development are very promising.
Operating risks
Risk of poor project operation, faulty workmanship or machine breakdown resulting in poor performance.
Mitigation methods
The development company's team has extensive know-how and experience in carrying out this type of project.
ID Energy is responsible for both the operation and maintenance of the power plants. Its experience in project operations management is therefore a mitigating factor for the various associated risks.
Operating risks
Risk of poor yield estimation
Mitigation methods
The performance studies were carried out by recognized independent experts.
Enerfip engaged independent firms to conduct due diligence audits. The production forecasts are below the actual performance achieved in 2024.
Operating risks
Technological risk that the system will not perform as expected, or that performance will degrade more rapidly than anticipated.
Mitigation methods
The maintenance contracts signed include a performance guarantee, with a commitment to replace the equipment in the event of premature failure.
The project leader has selected quality equipment from recognized suppliers.
ID Energy is responsible for both the operation and maintenance of the power plants. Its expertise in project operations management is therefore a mitigating factor with respect to the various identified risks.
Investing in this participatory financing project involves risks, including the risk of total or partial loss of the capital invested. Your investment is not covered by the deposit guarantee schemes established in accordance with directive 2014/49/EU of the European Parliament and of the Council. Your investment is also not covered by the investor compensation schemes established in accordance with Directive 97/9/EC of the European Parliament and of the Council. Return on investment is not guaranteed. This is not a savings product, and we recommend that you not to invest more than 10% of your net assets in participatory finance projects. You may not be able to sell the investment instruments when you wish. If you are able to sell them, however, you may incur losses.
