ESENAR
Mercado SolarCrowdfunded solar plants, paid upfront or in installments
Ana P. (investor, example)

Interactive prototype · all figures are examples[CNV registration: pending]Projected returns, not guaranteedInvestment is subject to Argentine regulation

Salta · CafayateEngineering

PSF Cafayate

8.0 MWp · Single-axis tracker · bifacial · PPA to be defined

Back to explore

Key factskey information sheet · all figures are examples

ItemValueSource
What it is8.03 MWp (6.6 MWac) solar plant in Cafayate, Salta · Single-axis tracker · bifacial · sells its energy under PPA to be definedELAP estimate ELAP · report rev A · P50/P90 study · 09/25/2026
Amount being raisedUSD 2.60 M from the crowd, out of a CAPEX of USD 5.17 M (USD 0.644/Wp) · 0 % raised · being put togetherContract 6 % · Quote 14 % · ELAP estimate 80 % as of 10/02/2026
Minimum ticketTo be defined: financing has not openedContract Platform terms, art. 9 · 07/01/2026
ReturnTo be defined: without a sale price there is no projectionELAP estimate ELAP · trust model, report rev A · 09/25/2026
Termto be definedELAP estimate ELAP · report rev A · 09/25/2026
Main risksNo buyer · Grid accessELAP estimate ELAP · report rev A · P50/P90 study · 09/25/2026
Total feesUSD 590,259 one-off (11.4 % of CAPEX) · USD 282,275 per yearELAP estimate ELAP · report rev A · cost assumptions · 09/25/2026

[Model: key information sheet under EU Regulation 2020/1503 and CNV RG 717/2018 · to be checked in the legal memo]

TablesMV stationGrid lineSite boundary
Plant — Plan
264 1P tables of 2 × 262 MV stations · 33 kV33 kV MV line · 4.0 km to Cafayate substation18 ha used of 24ELAP layout, report revision

Who takes part

RoleWhoContributionStatus
Land24 ha farm (example)In-kind contribution for equityReady
EngineeringELAPrev AReady
Buyerto be definedNo buyerMissing
EPCto be definedNo quoteMissing

Capital structure example

Land, in kind · USD 0.25 M · 5 %Equipment, in kind · USD 0.00 M · 0 %Crowd · USD 2.60 M · 50 %Bank debt · USD 2.32 M · 45 %

Total USD 5.17 M = CAPEX, sum of the bill of quantities · USD 0.644/Wp · contributed capital (excluding debt) USD 2.85 M

P50P90
Annual distribution — % of paid-in capital

No projection yet: the project has neither a buyer nor a sale price.

Years 1 to 10 with debtRises once the debt is repaidDrops when the PPA ends (spot USD 45/MWh, example)Projected, not guaranteed

Explicit risks

RiskWhat can happenWhat limits it
No buyerThere is no power purchase agreement.Two conversations with local industries.
Grid accessDispatch priority has not been requested.Free capacity of 12 MW reported by CAMMESA.

Questions

No questions yet.

Financing

Not open yet. We will let you know when the project has a buyer and dispatch priority.

Grid access

Node
Cafayate 33 kV substation
Free capacity
12 MW (CAMMESA, public data)
Requested capacity
6.6 MW
Dispatch priority
Not requested
Guarantee deposit
Pending

Energy buyer

No buyer · 2 conversations

PPA to be defined

Stages

Land05/2026
todayEngineeringrev A
Grid accesspending
Financingpending
Constructionpending
Operationpending

01Equipment and quantities24 lines · total USD 5,173,808 = CAPEX

CategoryDescriptionManufacturer and modelSpecificationQuantityUnit priceTotalSourcePurchase status
Main equipment, item by item · click a row to see warranty, country and datasheet
Minor items, by category
Bill of quantities total · 0.644 USD/Wp over 8.031 MWpUSD 5,173,808

Prices in USD excluding VAT. Supplier, EPC, O&M and trustee names are examples; manufacturers and models are real and their prices are examples.

02Prices and CAPEXUSD 5,173,808 · 0.644 USD/Wp

CategoryUSDUSD/Wp% of totalMarket reference USD/WpPlatform average USD/WpSource
EquipmentUSD 1,107,7970.13821.4 %0.1550.144ELAP estimate as of 09/25/2026
StructureUSD 1,016,5980.12719.6 %0.1250.120Quote 70 % · ELAP estimate 30 % as of 10/02/2026
Electrical BOSUSD 613,7870.07611.9 %0.0800.076ELAP estimate as of 09/25/2026
Medium voltageUSD 360,4000.0457.0 %0.0350.045ELAP estimate as of 09/25/2026
Civil worksUSD 522,0070.06510.1 %0.0600.061ELAP estimate as of 09/25/2026
Grid connectionUSD 620,0000.07712.0 %0.0500.058ELAP estimate as of 09/25/2026
EngineeringUSD 96,3710.0121.9 %0.0120.012ELAP estimate as of 09/25/2026
DevelopmentUSD 414,6330.0528.0 %0.0350.036Contract 60 % · ELAP estimate 40 % as of 09/25/2026
TrusteeUSD 25,0000.0030.5 %0.0030.004ELAP estimate as of 09/25/2026
InsuranceUSD 19,0830.0020.4 %0.0020.002ELAP estimate as of 09/25/2026
Platform feeUSD 78,0000.0101.5 %0.0100.010Contract as of 07/01/2026
ContingencyUSD 169,6240.0213.3 %0.0200.020ELAP estimate as of 09/25/2026
Financing costUSD 81,7380.0101.6 %0.0120.009ELAP estimate as of 09/25/2026
TaxesUSD 48,7700.0060.9 %0.0080.008ELAP estimate as of 09/25/2026
TotalUSD 5,173,8080.644100 %0.6070.606Contract 6 % · Quote 14 % · ELAP estimate 80 % as of 10/02/2026

Market reference: ELAP estimate ELAP · 2026 market reference, 19 budget prices · 09/15/2026. The platform average is that of the other 6 projects on this page. Each category is the sum of its lines in the bill of quantities.

03Open tenderanonymous until awarded, named afterwards

Structure · Single-row 1P tracker, 52 modulesOpen · closes 11/15/2026 · 264 tables · 1 quote
BidderOfferUnit priceTotalVersus lowestLead timeResult

04Use of fundsUSD 0 disbursed of USD 4,923,808

SourcesUSD%
Land, in kindUSD 250,0004.8 %
Equipment, in kindUSD 00.0 %
CrowdUSD 2,600,00050.3 %
Bank debtUSD 2,323,80844.9 %
TotalUSD 5,173,808100 %
UsesUSD%
EquipmentUSD 1,107,79721.4 %
StructureUSD 1,016,59819.6 %
Electrical BOSUSD 613,78711.9 %
Medium voltageUSD 360,4007.0 %
Civil worksUSD 522,00710.1 %
Grid connectionUSD 620,00012.0 %
EngineeringUSD 96,3711.9 %
DevelopmentUSD 414,6338.0 %
TrusteeUSD 25,0000.5 %
InsuranceUSD 19,0830.4 %
Platform feeUSD 78,0001.5 %
ContingencyUSD 169,6243.3 %
Financing costUSD 81,7381.6 %
TaxesUSD 48,7700.9 %
TotalUSD 5,173,808100 %

In-kind contributions (USD 250,000: land and equipment for equity) do not go through the account. The rest is paid from the trust account against certified milestones by the independent engineer, and every disbursement is published here.

DateMilestoneAmountUseCertificateStatus
08/20/2027Financing closeUSD 364,004Engineering, development, trustee and placement feeon certificationPlanned
10/20/2027EPC signing and advanceUSD 683,971EPC advanceon certificationPlanned
11/20/2027Modules delivered to siteUSD 1,367,941Modules and inverters on deliveryon certificationPlanned
12/20/2027Pile drivingUSD 547,176Pile driving and structureon certificationPlanned
01/20/2028Mechanical installationUSD 592,774Mechanical installationon certificationPlanned
02/20/2028Electrical installationUSD 547,176Electrical BOS and cableson certificationPlanned
03/20/2028MV station and lineUSD 455,980MV stations, line and outgoing bayon certificationPlanned
04/20/2028CAMMESA commercial operationUSD 364,786EPC balance, contingency and retentionon certificationPlanned
Total through the trust accountUSD 4,923,808CAPEX minus in-kind contributions

05Who gets paid whatUSD 590,259 one-off · USD 282,275 per year

PartyWhoItemBasisAmount USDWhenSource
PlatformMercado SolarPlacement fee3 % of the crowd raise, once at closeUSD 78,000OnceContract Platform terms, art. 9 · 07/01/2026
PlatformMercado SolarAdministration and secondary market1 % of revenue, per year—Per yearContract Platform terms, art. 10 · 07/01/2026
ELAPELAPEngineering0.012 USD/WpUSD 96,371OnceELAP estimate ELAP · report rev A · cost assumptions · 09/25/2026
ELAPELAPDevelopment0.018 USD/WpUSD 144,556OnceELAP estimate ELAP · report rev A · cost assumptions · 09/25/2026
TrusteeFiduciaria Pampa S.A. (example)Trust formationfixed feeUSD 25,000OnceELAP estimate ELAP · report rev A · cost assumptions · 09/25/2026
TrusteeFiduciaria Pampa S.A. (example)Trust administration0.8 % of revenue, per year—Per yearELAP estimate ELAP · report rev A · cost assumptions · 09/25/2026
EPCto be definedEPC's declared margin10 % of the works in its scope (included in the bill of quantities)USD 203,017OnceELAP estimate ELAP · report rev A · cost assumptions · 09/25/2026
O&MOperadora Solar Andes (example)Operation and maintenanceUSD 12,000 per MWp per yearUSD 96,371Per yearELAP estimate ELAP · report rev A · cost assumptions · 09/25/2026
Bankto be definedDebt structuring1 % of the debtUSD 23,238OnceELAP estimate ELAP · report rev A · cost assumptions · 09/25/2026
Bankto be definedYear-1 interest8 % a year on the debtUSD 185,905Per yearELAP estimate ELAP · report rev A · cost assumptions · 09/25/2026
Independent engineerto be definedTechnical review and construction certificationUSD 2,500 per MWpUSD 20,077OnceELAP estimate ELAP · report rev A · cost assumptions · 09/25/2026
One-off, within CAPEXUSD 590,25911.4 % of CAPEX
Annual, year 1USD 282,275from the payment waterfall
Declared conflict of interest. ELAP is at once engineer, developer and platform of this project: it charges for engineering, development and the platform fees. That is why the technical review is signed by an independent engineer (to be defined), who also certifies every milestone before a disbursement.

06Production and assumptionsP50 18.47 GWh · P90 17.27 GWh per year · Source: ELAP estimate · ELAP · report rev A · P50/P90 study · 09/25/2026

Data or assumptionValue
P50 production18.47 GWh per year · 2,300 kWh/kWp
P90 production17.27 GWh per year · 2,150 kWh/kWp
Weather data sourcePVGIS-SARAH3
Years in the series2005 to 2023 (19 years)
Global horizontal irradiation (GHI)2,230 kWh/m² per year
Bifacial gain7.6 %
Total system losses13.9 %
Soiling2.0 % with quarterly cleaning
Availability99.0 %
Grid curtailment2.0 %
Annual module degradation0.4 % per year (manufacturer's linear warranty)
Combined uncertainty (1 σ)5.1 % · P90 = P50 × (1 − 1.28 σ)
Download ELAP's P50/P90 studyPDF of report rev A, with the weather series and the loss breakdown.

07RevenuePPA to be defined · Source: ELAP estimate · ELAP · report rev A · 09/25/2026

ItemValue
PriceNo buyer: price to be defined
TermTo be defined
CounterpartyTwo conversations with local industries

08Payment waterfall

No sale price yet, so no payment waterfall: it is published once the project has a buyer.

09Sensitivity

Without a sale price there is no base case to compare.

10Construction progressplanned schedule · Source: ELAP estimate · ELAP · report rev A · schedule · 09/25/2026

MilestonePlannedActualDelay
EPC signing and advance09/15/2027pending—
Modules delivered to site11/15/2027pending—
Pile driving12/15/2027pending—
Mechanical installation01/15/2028pending—
Electrical installation02/15/2028pending—
MV station and line03/15/2028pending—
Energization04/15/2028pending—
CAMMESA commercial operation05/15/2028pending—
Main equipmentOf 8
Awarded or later0
Purchased0
Delivered to site0
Installed0
MonthPlannedActualCurve
09/20270 %—
10/20274 %—
11/202716 %—
12/202732 %—
01/202850 %—
02/202868 %—
03/202884 %—
04/202896 %—
05/2028100 %—

Purchase status of each item in section 1. Actual dates and progress: independent engineer's certificates.

11Change logpublic to everyone

No changes since publication.

When a figure changes source (estimated, quoted, contracted, actual), the previous one stays here.

12Documentsdata room

  • Trust agreementPending
  • ProspectusPending
  • Power purchase agreementPending
  • ELAP engineering report, rev APDF · 09/2026View
  • Grid access studyPending
  • Independent engineer's technical auditPending
  • Quarterly financial statements of the trustPending