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

San Juan · CauceteGrid access

PSF Caucete Norte

30.1 MWp · Single-axis tracker · bifacial · MATER PPA under negotiation · USD 56/MWh

Back to explore

Key factskey information sheet · all figures are examples

ItemValueSource
What it is30.12 MWp (25.0 MWac) solar plant in Caucete, San Juan · Single-axis tracker · bifacial · sells its energy under MATER PPA under negotiation at USD 56/MWhELAP estimate ELAP · report rev A · P50/P90 study · 07/20/2026
Amount being raisedUSD 9.30 M from the crowd, out of a CAPEX of USD 18.03 M (USD 0.599/Wp) · 0 % raised · opens once priority is grantedContract 2 % · ELAP estimate 98 % as of 07/20/2026
Minimum ticketTo be defined: financing has not openedContract Platform terms, art. 9 · 07/01/2026
ReturnP50 12.4 % · P90 10.6 % of contributed capital in year 1 · projected, not guaranteedELAP estimate ELAP · trust model, report rev A · 07/20/2026
TermPPA under negotiation · 25-year useful lifeELAP estimate Mining company's letter of intent · 09/10/2026
Main risksGrid access · Buyer · PriceELAP estimate ELAP · report rev A · P50/P90 study · 07/20/2026
Total feesUSD 1,982,524 one-off (11.0 % of CAPEX) · USD 1,188,605 per year (31.3 % of year-1 revenue, including debt interest)ELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026

[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
990 1P tables of 2 × 264 MV stations of 7.5 MVA · 33 kV132 kV HV line · 3.2 km to Caucete substation66 ha used of 110ELAP layout, report revision

Who takes part

RoleWhoContributionStatus
LandFinca Los Nogales (example)Lease USD 550 per ha per yearReady
BuyerMining company, Jáchal departmentLetter of intent · 12-year PPA under negotiationIn progress
EPC3 bids being comparedIn progress
EngineeringELAPrev AReady

Capital structure example

Land, in kind · USD 0.00 M · 0 %Equipment, in kind · USD 0.00 M · 0 %Crowd · USD 9.30 M · 52 %Bank debt · USD 8.73 M · 48 %

Total USD 18.03 M = CAPEX, sum of the bill of quantities · USD 0.599/Wp · contributed capital (excluding debt) USD 9.30 M

P50P90
Annual distribution — % of paid-in capital
0 %5 %10 %15 %20 %debt repaidPPA endsP50 12.0 %P90 10.3 %1510152025year
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
Grid accessDispatch priority has not been assigned yet. Without it, financing does not open.Free capacity of 40 MW reported; application filed 09/2026.
BuyerNo signed PPA.Letter of intent with a mining company; price and term are being negotiated.
PriceUSD 56/MWh is the price under negotiation, not a signed one.The sensitivity shows the price −10 %.

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
Caucete 132 kV substation
Free capacity
40 MW (CAMMESA, public data)
Requested capacity
25.0 MW
Dispatch priority
Requested 09/2026 · under evaluation
Guarantee deposit
Pending

Energy buyer

Mining company, Jáchal department · MATER Large User · letter of intent

MATER PPA under negotiation · USD 56/MWh

Stages

Land02/2026
Engineering07/2026
todayGrid accessin process
Financingonce priority is granted
Construction2027
Operation2028

01Equipment and quantities24 lines · total USD 18,033,510 = 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 · 0.599 USD/Wp over 30.116 MWpUSD 18,033,510

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 18,033,510 · 0.599 USD/Wp

CategoryUSDUSD/Wp% of totalMarket reference USD/WpPlatform average USD/WpSource
EquipmentUSD 4,169,5380.13823.1 %0.1550.144ELAP estimate as of 07/20/2026
StructureUSD 3,751,5950.12520.8 %0.1250.120ELAP estimate as of 07/20/2026
Electrical BOSUSD 2,149,2850.07111.9 %0.0800.077ELAP estimate as of 07/20/2026
Medium voltageUSD 1,110,6000.0376.2 %0.0350.047ELAP estimate as of 07/20/2026
Civil worksUSD 1,800,9250.06010.0 %0.0600.062ELAP estimate as of 07/20/2026
Grid connectionUSD 2,413,8000.08013.4 %0.0500.058ELAP estimate as of 07/20/2026
EngineeringUSD 361,3900.0122.0 %0.0120.012ELAP estimate as of 07/20/2026
DevelopmentUSD 617,3740.0213.4 %0.0350.041ELAP estimate as of 07/20/2026
TrusteeUSD 45,0000.0010.2 %0.0030.004ELAP estimate as of 07/20/2026
InsuranceUSD 69,2810.0020.4 %0.0020.002ELAP estimate as of 07/20/2026
Platform feeUSD 279,0000.0091.5 %0.0100.010Contract as of 07/01/2026
ContingencyUSD 615,8300.0203.4 %0.0200.020ELAP estimate as of 07/20/2026
Financing costUSD 296,5850.0101.6 %0.0120.010ELAP estimate as of 07/20/2026
TaxesUSD 353,3070.0122.0 %0.0080.008ELAP estimate as of 07/20/2026
TotalUSD 18,033,5100.599100 %0.6070.614Contract 2 % · ELAP estimate 98 % as of 07/20/2026

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

Medium voltage · 7.5 MVA 33/0.8 kV MV station with switchgearOpen · closes 12/05/2026 · 4 pcs · 0 quotes

No quotes yet. The request is published in Suppliers.

04Use of fundsUSD 0 disbursed of USD 18,033,510

SourcesUSD%
Land, in kindUSD 00.0 %
Equipment, in kindUSD 00.0 %
CrowdUSD 9,300,00051.6 %
Bank debtUSD 8,733,51048.4 %
TotalUSD 18,033,510100 %
UsesUSD%
EquipmentUSD 4,169,53823.1 %
StructureUSD 3,751,59520.8 %
Electrical BOSUSD 2,149,28511.9 %
Medium voltageUSD 1,110,6006.2 %
Civil worksUSD 1,800,92510.0 %
Grid connectionUSD 2,413,80013.4 %
EngineeringUSD 361,3902.0 %
DevelopmentUSD 617,3743.4 %
TrusteeUSD 45,0000.2 %
InsuranceUSD 69,2810.4 %
Platform feeUSD 279,0001.5 %
ContingencyUSD 615,8303.4 %
Financing costUSD 296,5851.6 %
TaxesUSD 353,3072.0 %
TotalUSD 18,033,510100 %

In-kind contributions (USD 0: 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
05/20/2027Financing closeUSD 1,302,764Engineering, development, trustee and placement feeon certificationPlanned
07/20/2027EPC signing and advanceUSD 2,509,612EPC advanceon certificationPlanned
08/20/2027Modules delivered to siteUSD 5,019,224Modules and inverters on deliveryon certificationPlanned
09/20/2027Pile drivingUSD 2,007,690Pile driving and structureon certificationPlanned
10/20/2027Mechanical installationUSD 2,174,997Mechanical installationon certificationPlanned
11/20/2027Electrical installationUSD 2,007,690Electrical BOS and cableson certificationPlanned
12/20/2027MV station and lineUSD 1,673,075MV stations, line and outgoing bayon certificationPlanned
01/20/2028CAMMESA commercial operationUSD 1,338,458EPC balance, contingency and retentionon certificationPlanned
Total through the trust accountUSD 18,033,510CAPEX minus in-kind contributions

05Who gets paid whatUSD 1,982,524 one-off · USD 1,188,605 per year

PartyWhoItemBasisAmount USDWhenSource
PlatformMercado SolarPlacement fee3 % of the crowd raise, once at closeUSD 279,000OnceContract Platform terms, art. 9 · 07/01/2026
PlatformMercado SolarAdministration and secondary market1 % of revenue, per yearUSD 37,946Per yearContract Platform terms, art. 10 · 07/01/2026
ELAPELAPEngineering0.012 USD/WpUSD 361,390OnceELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026
ELAPELAPDevelopment0.018 USD/WpUSD 542,084OnceELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026
TrusteeFiduciaria Pampa S.A. (example)Trust formationfixed feeUSD 45,000OnceELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026
TrusteeFiduciaria Pampa S.A. (example)Trust administration0.8 % of revenue, per yearUSD 30,357Per yearELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026
EPCto be definedEPC's declared margin10 % of the works in its scope (included in the bill of quantities)USD 592,425OnceELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026
O&Mto be definedOperation and maintenanceUSD 14,000 per MWp per yearUSD 421,621Per yearELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026
BankBanco Regional (example)Debt structuring1 % of the debtUSD 87,335OnceELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026
BankBanco Regional (example)Year-1 interest8 % a year on the debtUSD 698,681Per yearELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026
Independent engineerto be definedTechnical review and construction certificationUSD 2,500 per MWpUSD 75,290OnceELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026
One-off, within CAPEXUSD 1,982,52411.0 % of CAPEX
Annual, year 1USD 1,188,605from 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 67.76 GWh · P90 63.24 GWh per year · Source: ELAP estimate · ELAP · report rev A · P50/P90 study · 07/20/2026

Data or assumptionValue
P50 production67.76 GWh per year · 2,250 kWh/kWp
P90 production63.24 GWh per year · 2,100 kWh/kWp
Weather data sourcePVGIS-SARAH3
Years in the series2005 to 2023 (19 years)
Global horizontal irradiation (GHI)2,140 kWh/m² per year
Bifacial gain7.8 %
Total system losses13.6 %
Soiling2.0 % with quarterly cleaning
Availability99.0 %
Grid curtailment2.0 %
Annual module degradation0.4 % per year (manufacturer's linear warranty)
Combined uncertainty (1 σ)5.2 % · P90 = P50 × (1 − 1.28 σ)
Download ELAP's P50/P90 studyPDF of report rev A, with the weather series and the loss breakdown.

07RevenueMATER PPA under negotiation

ItemValueSource
PriceUSD 56/MWh under negotiationELAP estimate ELAP · assumption taken from the letter of intent · 09/15/2026
Term12 years under negotiationELAP estimate Mining company's letter of intent · 09/10/2026
IndexationTo be definedELAP estimate Mining company's letter of intent · 09/10/2026
CounterpartyMining company, Jáchal department · MATER Large UserELAP estimate Mining company's letter of intent · 09/10/2026
GuaranteesTo be negotiatedELAP estimate Mining company's letter of intent · 09/10/2026
Energy covered100 % of the energyELAP estimate Mining company's letter of intent · 09/10/2026
After the contractSpot, USD 45/MWh as an exampleELAP estimate ELAP · report rev A · 07/20/2026

08Payment waterfallyear 1 · projected

OrderItemBasisUSD year 1, P50% of revenueUSD year 1, P90Source
Energy sales revenue67.76 GWh × USD 56/MWhUSD 3,794,591100.0 %USD 3,541,618ELAP estimate ELAP · assumption taken from the letter of intent · 09/15/2026
1Operation and maintenanceUSD 14,000 per MWp per year−USD 421,62111.1 %−USD 421,621ELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026
2Land lease110 ha × USD 550 per ha per year−USD 60,5001.6 %−USD 60,500ELAP estimate ELAP · trust model, report rev A · 07/20/2026
3Operational all-risk insurance0.3 % of CAPEX per year−USD 54,1011.4 %−USD 54,101ELAP estimate ELAP · trust model, report rev A · 07/20/2026
4Trustee fee0.8 % of revenue−USD 30,3570.8 %−USD 28,333ELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026
5Platform administration fee1 % of revenue−USD 37,9461.0 %−USD 35,416Contract Platform terms, art. 10 · 07/01/2026
6Municipal fees and gross receipts tax1.2 % of revenue−USD 45,5351.2 %−USD 42,499ELAP estimate ELAP · trust model, report rev A · 07/20/2026
7Income tax35 % of profit, with 25-year depreciation−USD 603,57915.9 %−USD 517,694ELAP estimate ELAP · trust model, report rev A · 07/20/2026
8Debt service (principal and interest)USD 8.73 M at 8 % over 10 years−USD 1,301,55134.3 %−USD 1,301,551ELAP estimate ELAP · report rev A · cost assumptions · 07/20/2026
9Inverter replacement reserveUSD 3,000 per MWp per year−USD 90,3472.4 %−USD 90,347ELAP estimate ELAP · trust model, report rev A · 07/20/2026
10Distribution to investors12.4 % of contributed capitalUSD 1,149,05530.3 %USD 989,556ELAP estimate ELAP · trust model, report rev A · 07/20/2026

First operation, taxes and debt; then reserves; and only after that the investors. The return on the sheet is the last line divided by the contributed capital (USD 9,300,000).

09Sensitivityyear 1 · same model as the payment waterfall · Source: ELAP estimate · ELAP · trust model, report rev A · 07/20/2026

CaseYear-1 returnVersus baseDistribution USDPer USD 1,000
Base case (P50)12.4 %—USD 1,149,055USD 124
Sale price −10 %9.8 %−2.6 ppUSD 909,806USD 98
P90 production10.6 %−1.7 ppUSD 989,556USD 106
CAPEX +10 %, with more debt10.2 %−2.1 ppUSD 952,527USD 102
20 % exchange-rate gap10.3 %−2.1 ppUSD 957,546USD 103

CAPEX +10 %: the overrun is financed with more debt. Exchange-rate gap: revenue is collected in pesos at the official rate and the investor converts to dollars at a rate 20 % higher.

10Construction progressplanned schedule · Source: ELAP estimate · ELAP · report rev A · schedule · 07/20/2026

MilestonePlannedActualDelay
EPC signing and advance06/15/2027pending—
Modules delivered to site08/15/2027pending—
Pile driving09/15/2027pending—
Mechanical installation10/15/2027pending—
Electrical installation11/15/2027pending—
MV station and line12/15/2027pending—
Energization01/15/2028pending—
CAMMESA commercial operation02/15/2028pending—
Main equipmentOf 9
Awarded or later0
Purchased0
Delivered to site0
Installed0
MonthPlannedActualCurve
06/20270 %—
07/20273 %—
08/202710 %—
09/202722 %—
10/202735 %—
11/202750 %—
12/202765 %—
01/202878 %—
02/202890 %—
03/202897 %—
04/2028100 %—

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

11Change logpublic to everyone · Source: Actual · CAMMESA filing note · 09/15/2026

DateWhat changedFromToWhy
09/15/2026Grid accessNot requestedApplication filedDispatch priority application filed with CAMMESA.

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 · 07/2026View
  • Grid access studyPDF · 09/2026 · application filedView
  • Independent engineer's technical auditPending
  • Quarterly financial statements of the trustPending