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The Essentials
Help finance Gibraleon
A "ready-to-build" photovoltaic park in the town of Huelva in Spain (southern Spain)
Umbrella Solar Investment is a company specialising in photovoltaic renewable energy projects: from development and production to research and development of storage technology, they are present throughout the value chain.
The group has solid international experience, particularly in Latin America, and demonstrates genuine financial strength, as it has been listed on the BME Growth market since June 2022 and on the Nasdaq from September 2023 through its technology subsidiary Turbo Energy Solar innovation.
The fundraising target is €2,500,000. This is a construction bridge consisting of a simple bond issue at a rate of 8.5% over 24 months. The purpose of the bridge is to finance the construction of the Gibraleon wind farm, which will generate 6,283 MWh/year and save 1,715.26 tonnes of CO2/year.
The Raising Funds
Investment
Simple bond collection
The transaction consists of an issue of straight bonds directly issued by the issuing company IM2 Energia Solar Proyecto 3 S.L. This company is itself 100% owned by Umbrella Solar Investment.
There is another intermediary company between Umbrella Solar Investment and IM2 Energia Solar Proyecto 3 S.L., but it is not involved in the issue.
The legal structure can be summarised as follows:
This is bridge financing for the construction of the Gibraleon park, offering an attractive interest rate of 8.5% p.a. for 24 months. In this case, the aim of the bridge financing is to enable the group to meet its short-term costs until it can obtain long-term bank financing.
Thanks to the money raised by Enerfip, Umbrella Solar will be able to start building the solar farm and qualify for a bank loan in the future. This loan will enable it to repay the capital and redistribute the interest.
In the case of this fundraising, the proposed guarantee is a pledge of the shares of IM2 Energia Solar Proyecto 3 S.L, the company holding the assets. Another security is the obligation for the shareholder to contribute equity capital to the issuer equivalent to 50% of the issue. These funds will be blocked until the maturity of our financing. The funds have already been contributed by the project promoter.
The interest generated will be distributed annually and the capital repaid at maturity.
The Project
A photovoltaic park ready to build
The Gibraleón solar park is located in south-west Spain, in the Huelva region. This is one of the areas with the highest solar irradiation in the country. This ground-mounted photovoltaic park will produce 6,283 MWh/year and save 1,715.26 tonnes of CO2/year.
In figures: the total capacity of this park is 3,916 kWp, with a P50 yield of 1,605 kWh/kWp/year.
The total cost of building this photovoltaic park is €2,761,290, and if we add the connection costs, civil engineering and other associated costs, as well as development costs, we get a total CAPEX of €3,757,242. The fund-raising target is €2,500,000, representing a total of almost 67% of CAPEX. Umbrella Solar has already provided IM2 Energía Solar Proyecto 3 S.L. with €1,257,242 in equity.
This park is already at the Ready To Build stage and is at the beginning of the construction phase. The commissioning date is scheduled for the first quarter of 2025.
The Riscks
FINANCIAL AND STOCK MARKET RISKS
Credit risk relating to the Group's ability to refinance itself and honour its debts. As Umbrella Solar's shares are listed on the stock market, a crisis in the financial markets could have a significant impact on their value and, a priori, on its refinancing capacity.
The Group's results could, in turn, be affected by: (i) the existence of breakdowns or reduced performance in the production of electricity from photovoltaic power plants, (ii) the downward renegotiation or termination of contracts for the operation and maintenance of photovoltaic power plants and related transactions between the Promoter's companies, including the Issuer.
➔ The Group's financial strength.
➔ Umbrella Solar has a solid capital structure, boosted in particular by the IPO in 2022. The Group has also established solid banking partnerships in the past.
BUSINESS RISKS
Umbrella Solar's profitability depends on its ability to successfully develop, build and operate its photovoltaic projects in Spain and Latin America.
If the company were unable to develop the projects adequately, the Group's results would be adversely affected. This would have a significant negative impact on the Group's financial position.
➔ Umbrella Solar accelerated its growth in 2022, particularly on the IPP side, where it considerably strengthened its team in the development and construction division to bring photovoltaic projects to fruition. The Group has also diversified into different segments of the energy sector (self-consumption, storage, IPP, etc.). This diversification of activities also enables us to control overall risk and to be a recognised player in the value chain.
GEOPOLITICAL RISKS
Umbrella Solar operates in Spain and Chile.
The Group's results could be affected in the event of: (i) situations of political instability or public unrest; (ii) changes in regulatory or administrative policy, including possible changes in the conditions for obtaining and renewing licences and concessions; (iii) expropriation or public nationalisation of assets or increased government involvement; (iv) sudden movements in exchange rates; (v) high inflation rates; and (vi) limits on the maximum percentage of profit or on the prices of goods and services.
The Group's results could be affected by : (i) situations of political instability or public unrest; (ii) changes in regulatory or administrative policy, including possible changes in the conditions for obtaining and renewing licences and concessions; (iii) expropriations or public nationalisation of assets or an increase in government ownership; (iv) sharp currency movements; (v) high inflation rates; and (vi) limits on the maximum profit percentage or prices of goods and services.
➔ The project financed is located in Spain, within a controlled and stable regulatory framework. Preliminary studies have been carried out and authorisations obtained.
TECHNICAL AND OPERATIONAL RISKS
Risk of construction delays or even non-completion of works due to: (i) dependence on suppliers and subcontractors, (ii) delays, non-obtainment or loss of permits, licences and rights of use over land and easements, (iii)...
➔ For the Gibraleón project, the preliminary studies have been completed and planning permission has been obtained. The project is ready to start construction.
➔ The construction, operation and maintenance of the facilities are controlled in-house. The technology is mature and the equipment high quality.
Responsible investment
Decarbonisation objective !
Combining profitable and responsible investment
Enerfip is the first investment platform dedicated to the energy transition in Europe. Its mission: to decarbonise people's savings. Our ambition is to support citizens so that they can contribute to financing a more sustainable energy model.
As we work to reduce our carbon footprint, we need to realise that saving is our biggest source of CO2 emissions, and that the money we invest has a real impact on the world of tomorrow. We are convinced that we can - and must - make a positive impact. We therefore offer you the opportunity to combine profitable and responsible investment by directly financing concrete projects that contribute to the ecological transition, while benefiting from the economic impact generated by the exploitation of common natural resources.
With more than €300 million financed in energy transition projects, Enerfip has established itself as a French and European leader in eco-responsible investment. Founded in 2014 by renewable energy and finance experts, Enerfip is led by a team whose expertise, commitment and energy are inseparable from its success.
"Enerfip is a solution for channelling people's savings into projects that promote the ecological transition. We are deeply convinced that each and every one of us, at our own level, can regain control over the future of our investments and choose what we want to finance. In fact, we are fully entitled to influence energy policies and to provide practical support for a dynamic green transition."
Julien Hostache, President & Co-founder
Umbrella Solar Investment
Un actor sólidamente posicionado en el mercado de la energía solar
Umbrella Solar Investment explota todo el potencial comercial de la cadena de valor de la energía solar fotovoltaica, generando electricidad renovable y produciendo equipos de última generación para el autoconsumo solar residencial a través de su filial tecnológica Turbo Energy.
Con más de 20 años de experiencia en el desarrollo, construcción y promoción de proyectos de energía solar fotovoltaica, nuestro valor añadido se basa en nuestra presencia en todas las fases de desarrollo: cartera de proyectos en fase de desarrollo/construcción (IPP) y comercialización de proyectos de autoconsumo industrial.
Es una filial dedicada a la producción de equipos tecnológicamente avanzados para la producción, gestión y almacenamiento fotovoltaicos en los sectores residencial, comercial e industrial. Su actividad principal es el uso de inteligencia artificial para mejorar la funcionalidad, el rendimiento y la experiencia de usuario de sus productos.
Presencia internacional
Umbrella Solar Investment cuenta con una sólida experiencia internacional, con oficinas en Chile, España y Reino Unido.
En total, Umbrella Solar Investment y sus filiales gestionan un pipeline por encima de los 500 MWp en IPP (Independent Power Producer).
En España, tienen una cartera ya muy avanzada de 212 MWp.
Proyecto de oleoducto en desarrollo en España.
Le mot de l'analyste
Umbrella Solar Investment est une entreprise spécialisée dans toute la chaîne de valeur de projets d'énergie renouvelable photovoltaïque : du développement et production d´énergie mais aussi R&D sur la technologie de stockage.
Via ce bridge à construction l'objectif est de financer le parc de Gibraleon en levant 2 500 000 euros.
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Simulator
Investment simulation
Gibraleon - Obligation 8.5%/year over 2 years
Simulation - Rate : 8.5% / year on 2 ans
Initial investment:
€1,000
Repayments and interest:
€1,170
In 2 transfers
| Date | Interest* | Capital | Amount |
| 05/03/2025 | €85 | €0 | €85 |
| 05/03/2026 | €85 | €1,000 | €1,085 |
| Total | €170 | €1,000 | €1,170 |
*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. | |||
