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

Mendoza · MaipúOperation

PSF Cruz de Piedra

18.0 MWp · Single-axis tracker · bifacial · 15-year MATER PPA · USD 55/MWh

Back to explore

Key factskey information sheet · all figures are examples

ItemValueSource
What it is17.98 MWp (15.0 MWac) solar plant in Maipú, Mendoza · Single-axis tracker · bifacial · sells its energy under 15-year MATER PPA at USD 55/MWhELAP estimate ELAP · report as built · P50/P90 study · 05/15/2025
Amount being raisedUSD 5.60 M from the crowd, out of a CAPEX of USD 10.72 M (USD 0.596/Wp) · 100 % raised · closed 03/2024Actual 95 % · Contract 5 % as of 07/01/2026
Minimum ticketUSD 110 · per share on the secondary marketContract Platform terms, art. 9 · 07/01/2026
ReturnP50 11.0 % · P90 10.0 % of contributed capital in year 1 · projected, not guaranteedELAP estimate ELAP · trust model, report as built · 05/15/2025
Term15-year PPA · operating since 05/2025Contract Signed MATER PPA · 12/12/2023
Main risksPrice after the PPA · ProductionELAP estimate ELAP · report as built · P50/P90 study · 05/15/2025
Total feesUSD 1,179,305 one-off (11.0 % of CAPEX) · USD 524,840 per year (25.5 % of year-1 revenue, including debt interest)Contract Trust agreement, annex III · 03/10/2024

[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
596 1P tables of 2 × 263 MV stations of 5 MVA · 33 kV33 kV MV line · 2.5 km to Cruz de Piedra substation40 ha used of 60ELAP layout, report revision

Who takes part

RoleWhoContributionStatus
LandFarm (example)In-kind contribution for equityReady
TrackersTrackers del Oeste (example)In-kind contribution for equityReady
O&MOperadora Solar Andes (example)USD 11 k per MWp per yearReady
BuyerCement plant, Las Heras15-year PPA · USD 55/MWhReady
TrusteeFiduciaria Pampa S.A. (example)Ready
EngineeringELAPas builtReady

Capital structure example

Land, in kind · USD 0.40 M · 4 %Equipment, in kind · USD 1.65 M · 15 %Crowd · USD 5.60 M · 52 %Bank debt · USD 3.06 M · 29 %

Total USD 10.72 M = CAPEX, sum of the bill of quantities · USD 0.596/Wp · contributed capital (excluding debt) USD 7.65 M

P50P90
Annual distribution — % of paid-in capital
0 %5 %10 %15 %20 %debt repaidPPA endsP50 10.7 %P90 9.6 %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
Price after the PPAFrom 2040 the energy is sold on the spot market.Base scenario USD 45/MWh.
ProductionSome winter months came in below P50.Actual month-by-month production is published on the sheet.

Questions

  • How much did it distribute in 2025? · machine translation10.2 % on capital, in quarterly payments. It is in the trust's annual report. · machine translationFiduciaria Pampa · 04/2026

Secondary market

Last tradeUSD 110per share · sell offers: 340 shares · USD 108 to 115
Distributed in 2025
10.2 % on capital

[Secondary market: subject to CNV rules]

Grid access

Node
Cruz de Piedra 132/33 kV substation
Free capacity
22 MW (CAMMESA, public data)
Requested capacity
15.0 MW
Dispatch priority
Assigned 06/2023 · in operation
Guarantee deposit
Released

Energy buyer

Cement plant, Las Heras · MATER Large User

15-year MATER PPA · USD 55/MWh

Stages

Land08/2023
Engineering11/2023
Grid access06/2023
Financingclosed 03/2024
Construction04/2024 to 04/2025
todayOperationsince 05/2025

01Equipment and quantities24 lines · total USD 10,715,398 = 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 · 0.596 USD/Wp over 17.975 MWpUSD 10,715,398

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 10,715,398 · 0.596 USD/Wp

CategoryUSDUSD/Wp% of totalMarket reference USD/WpPlatform average USD/WpSource
EquipmentUSD 2,733,0430.15225.5 %0.1550.142Actual as of 08/09/2024
StructureUSD 2,324,9960.12921.7 %0.1250.119Actual as of 04/30/2025
Electrical BOSUSD 1,420,0380.07913.3 %0.0800.076Actual as of 04/30/2025
Medium voltageUSD 695,1000.0396.5 %0.0350.046Actual as of 04/30/2025
Civil worksUSD 1,168,3980.06510.9 %0.0600.061Actual as of 04/30/2025
Grid connectionUSD 506,2500.0284.7 %0.0500.066Actual as of 04/30/2025
EngineeringUSD 215,7040.0122.0 %0.0120.012Actual as of 05/15/2025
DevelopmentUSD 768,4940.0437.2 %0.0350.038Actual 48 % · Contract 52 % as of 05/15/2025
TrusteeUSD 35,0000.0020.3 %0.0030.004Actual as of 03/15/2024
InsuranceUSD 39,8150.0020.4 %0.0020.002Actual as of 04/01/2024
Platform feeUSD 168,0000.0091.6 %0.0100.010Contract as of 07/01/2026
ContingencyUSD 353,9130.0203.3 %0.0200.020Actual as of 05/15/2025
Financing costUSD 142,6450.0081.3 %0.0120.010Actual as of 05/15/2025
TaxesUSD 144,0020.0081.3 %0.0080.008Actual as of 05/15/2025
TotalUSD 10,715,3980.596100 %0.6070.614Actual 95 % · Contract 5 % as of 07/01/2026

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

Equipment · Bifacial module 580 Wp, tier 1Awarded on 04/05/2024 · 30,992 pcs · 3 quotes
BidderOfferUnit priceTotalVersus lowestLead timeResult

Why it won: Lowest price of the three and delivery before installation starts.

04Use of fundsUSD 8,664,478 disbursed of USD 8,664,478

SourcesUSD%
Land, in kindUSD 400,0003.7 %
Equipment, in kindUSD 1,650,92015.4 %
CrowdUSD 5,600,00052.3 %
Bank debtUSD 3,064,47828.6 %
TotalUSD 10,715,398100 %
UsesUSD%
EquipmentUSD 2,733,04325.5 %
StructureUSD 2,324,99621.7 %
Electrical BOSUSD 1,420,03813.3 %
Medium voltageUSD 695,1006.5 %
Civil worksUSD 1,168,39810.9 %
Grid connectionUSD 506,2504.7 %
EngineeringUSD 215,7042.0 %
DevelopmentUSD 768,4947.2 %
TrusteeUSD 35,0000.3 %
InsuranceUSD 39,8150.4 %
Platform feeUSD 168,0001.6 %
ContingencyUSD 353,9133.3 %
Financing costUSD 142,6451.3 %
TaxesUSD 144,0021.3 %
TotalUSD 10,715,398100 %

In-kind contributions (USD 2,050,920: 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
03/20/2024Financing closeUSD 787,198Engineering, development, trustee and placement feeTrust closing recordPaid
05/20/2024EPC signing and advanceUSD 1,181,592EPC advanceCertificate no. 1 · Estudio Ingeniería Zonda (example)Paid
06/20/2024Modules delivered to siteUSD 2,363,184Modules and inverters on deliveryCertificate no. 2 · Estudio Ingeniería Zonda (example)Paid
07/20/2024Pile drivingUSD 945,274Pile driving and structureCertificate no. 3 · Estudio Ingeniería Zonda (example)Paid
08/20/2024Mechanical installationUSD 1,024,046Mechanical installationCertificate no. 4 · Estudio Ingeniería Zonda (example)Paid
09/20/2024Electrical installationUSD 945,274Electrical BOS and cablesCertificate no. 5 · Estudio Ingeniería Zonda (example)Paid
10/20/2024MV station and lineUSD 787,728MV stations, line and outgoing bayCertificate no. 6 · Estudio Ingeniería Zonda (example)Paid
11/20/2024CAMMESA commercial operationUSD 630,182EPC balance, contingency and retentionCertificate no. 7 · Estudio Ingeniería Zonda (example)Paid
Total through the trust accountUSD 8,664,478CAPEX minus in-kind contributions

05Who gets paid whatUSD 1,179,305 one-off · USD 524,840 per year

PartyWhoItemBasisAmount USDWhenSource
PlatformMercado SolarPlacement fee3 % of the crowd raise, once at closeUSD 168,000OnceContract Platform terms, art. 9 · 07/01/2026
PlatformMercado SolarAdministration and secondary market1 % of revenue, per yearUSD 20,564Per yearContract Platform terms, art. 10 · 07/01/2026
ELAPELAPEngineering0.012 USD/WpUSD 215,704OnceContract Trust agreement, annex III · 03/10/2024
ELAPELAPDevelopment0.018 USD/WpUSD 323,556OnceContract Trust agreement, annex III · 03/10/2024
TrusteeFiduciaria Pampa S.A. (example)Trust formationfixed feeUSD 35,000OnceContract Trust agreement, annex III · 03/10/2024
TrusteeFiduciaria Pampa S.A. (example)Trust administration0.8 % of revenue, per yearUSD 16,451Per yearContract Trust agreement, annex III · 03/10/2024
EPCConstructora Huarpe (example)EPC's declared margin10 % of the works in its scope (included in the bill of quantities)USD 361,462OnceContract Trust agreement, annex III · 03/10/2024
O&MOperadora Solar Andes (example)Operation and maintenanceUSD 13,500 per MWp per yearUSD 242,667Per yearContract Trust agreement, annex III · 03/10/2024
BankBanco Regional (example)Debt structuring1 % of the debtUSD 30,645OnceContract Trust agreement, annex III · 03/10/2024
BankBanco Regional (example)Year-1 interest8 % a year on the debtUSD 245,158Per yearContract Trust agreement, annex III · 03/10/2024
Independent engineerEstudio Ingeniería Zonda (example)Technical review and construction certificationUSD 2,500 per MWpUSD 44,938OnceContract Trust agreement, annex III · 03/10/2024
One-off, within CAPEXUSD 1,179,30511.0 % of CAPEX
Annual, year 1USD 524,840from 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 (Estudio Ingeniería Zonda (example)), who also certifies every milestone before a disbursement.

06Production and assumptionsP50 37.39 GWh · P90 35.05 GWh per year · Source: ELAP estimate · ELAP · report as built · P50/P90 study · 05/15/2025

Data or assumptionValue
P50 production37.39 GWh per year · 2,080 kWh/kWp
P90 production35.05 GWh per year · 1,950 kWh/kWp
Weather data sourcePVGIS-SARAH3 cross-checked with Solcast
Years in the series2005 to 2022 (18 years)
Global horizontal irradiation (GHI)1,985 kWh/m² per year
Bifacial gain7.4 %
Total system losses14.4 %
Soiling2.0 % with quarterly cleaning
Availability99.0 %
Grid curtailment2.0 %
Annual module degradation0.4 % per year (manufacturer's linear warranty)
Combined uncertainty (1 σ)4.9 % · P90 = P50 × (1 − 1.28 σ)
Download ELAP's P50/P90 studyPDF of report as built, with the weather series and the loss breakdown.

Actual production versus P50 Source: Actual · CAMMESA · SMEC metering, on the 10th of the following month · 09/2026

MonthP50 MWhActual MWhDifferenceActual versus P50
05/20252,2432,176−3.0 %
06/20251,9441,983+2.0 %
07/20252,1312,003−6.0 %
08/20252,6552,416−9.0 %
09/20253,0662,943−4.0 %
10/20253,6643,701+1.0 %
11/20253,9633,924−1.0 %
12/20254,1503,943−5.0 %
01/20264,0384,159+3.0 %
02/20263,5153,5150.0 %
03/20263,3653,500+4.0 %
04/20262,6552,602−2.0 %
05/20262,2432,288+2.0 %
06/20261,9441,925−1.0 %
07/20262,1312,259+6.0 %
08/20262,6552,681+1.0 %
09/20263,0662,974−3.0 %
Total49,42848,992−0.9 %17 months in operation

The grey bar is the month's P50; the black one, the metered output.

Distributed versus projected annualized, % of contributed capital · Source: Actual · Trust settlement statement · on the payment date

PeriodPaidDistributedProjected P50Difference
partial 05-06/202507/15/20256.7 %11.0 %−4.3 pp
Q3 202510/15/202510.2 %11.0 %−0.8 pp
Q4 202501/15/20269.3 %11.0 %−1.7 pp
Q1 202604/15/20269.6 %11.0 %−1.4 pp
Q2 202607/15/202611.4 %11.0 %+0.4 pp
Q3 202610/15/202610.6 %11.0 %−0.4 pp

07Revenue15-year MATER PPA

ItemValueSource
PriceUSD 55/MWhContract Signed MATER PPA · 12/12/2023
Term15 years from 05/2025Contract Signed MATER PPA · 12/12/2023
IndexationNo indexation: fixed price in USDContract Signed MATER PPA · 12/12/2023
CounterpartyCement plant, Las Heras · MATER Large UserContract Signed MATER PPA · 12/12/2023
GuaranteesLetter of credit for 3 months of billingContract Signed MATER PPA · 12/12/2023
Energy covered100 % of the energyContract Signed MATER PPA · 12/12/2023
After the contractSpot, USD 45/MWh as an exampleELAP estimate ELAP · report as built · 05/15/2025

08Payment waterfallyear 1 · projected

OrderItemBasisUSD year 1, P50% of revenueUSD year 1, P90Source
Energy sales revenue37.39 GWh × USD 55/MWhUSD 2,056,381100.0 %USD 1,927,857Contract Signed MATER PPA · 12/12/2023
1Operation and maintenanceUSD 13,500 per MWp per year−USD 242,66711.8 %−USD 242,667Contract Trust agreement, annex III · 03/10/2024
2Operational all-risk insurance0.3 % of CAPEX per year−USD 32,1461.6 %−USD 32,146ELAP estimate ELAP · trust model, report as built · 05/15/2025
3Trustee fee0.8 % of revenue−USD 16,4510.8 %−USD 15,423Contract Trust agreement, annex III · 03/10/2024
4Platform administration fee1 % of revenue−USD 20,5641.0 %−USD 19,279Contract Platform terms, art. 10 · 07/01/2026
5Municipal fees and gross receipts tax1.2 % of revenue−USD 24,6771.2 %−USD 23,134ELAP estimate ELAP · trust model, report as built · 05/15/2025
6Income tax35 % of profit, with 25-year depreciation−USD 366,13617.8 %−USD 322,502ELAP estimate ELAP · trust model, report as built · 05/15/2025
7Debt service (principal and interest)USD 3.06 M at 8 % over 10 years−USD 456,69822.2 %−USD 456,698Contract Trust agreement, annex III · 03/10/2024
8Inverter replacement reserveUSD 3,000 per MWp per year−USD 53,9262.6 %−USD 53,926ELAP estimate ELAP · trust model, report as built · 05/15/2025
9Distribution to investors11.0 % of contributed capitalUSD 843,11741.0 %USD 762,083ELAP estimate ELAP · trust model, report as built · 05/15/2025

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 7,650,920).

09Sensitivityyear 1 · same model as the payment waterfall · Source: ELAP estimate · ELAP · trust model, report as built · 05/15/2025

CaseYear-1 returnVersus baseDistribution USDPer USD 1,000
Base case (P50)11.0 %—USD 843,117USD 110
Sale price −10 %9.3 %−1.7 ppUSD 713,462USD 93
P90 production10.0 %−1.1 ppUSD 762,083USD 100
CAPEX +10 %, with more debt9.5 %−1.5 ppUSD 726,341USD 95
20 % exchange-rate gap9.2 %−1.8 ppUSD 702,597USD 92

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 progress100 % actual versus 100 % planned · Source: Actual · Progress certificates · Estudio Ingeniería Zonda (example) · 04/30/2025

MilestonePlannedActualDelay
EPC signing and advance04/15/202404/15/2024on time
Modules delivered to site06/15/202406/21/20246 days
Pile driving07/15/202407/19/20244 days
Mechanical installation08/15/202408/27/202412 days
Electrical installation09/15/202410/03/202418 days
MV station and line10/15/202411/06/202422 days
Energization11/15/202411/30/202415 days
CAMMESA commercial operation12/15/202412/31/202416 days
Main equipmentOf 8
Awarded or later8
Purchased8
Delivered to site8
Installed8
MonthPlannedActualCurve
04/20240 %0 %
05/20242 %1 %
06/20247 %5 %
07/202416 %13 %
08/202426 %23 %
09/202438 %34 %
10/202450 %46 %
11/202462 %59 %
12/202474 %71 %
01/202584 %81 %
02/202593 %90 %
03/202598 %97 %
04/2025100 %100 %

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

11Change logpublic to everyone

DateWhat changedFromToWhySource
04/30/2025CAPEX: sourceContractActual, per invoicesConstruction close: every line moves to paid invoice.Actual Construction accounting close · 04/30/2025
05/15/2025ELAP reportrev Cas builtFinal survey of the built plant.ELAP estimate ELAP · report as built · 05/15/2025
04/15/2026Year-1 degradation0.40 % (warranty)0.35 % (measured)Measurement of the first full year of operation.Actual Annual operation report 2025 · 04/15/2026

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

12Documentsdata room

  • Trust agreementPDF · 03/2024Registered users only
  • ProspectusPDF · 01/2024View
  • Power purchase agreementPDF · 12/2023Registered users only
  • ELAP engineering report, as builtPDF · 05/2025View
  • Grid access studyPDF · 06/2023View
  • Independent engineer's technical auditPDF · 06/2025 · final acceptanceRegistered users only
  • Quarterly financial statements of the trustPDF · 10/2026 · Q3 2026Registered users only
  • Quarterly operation report, Q3 2026PDF · 10/2026Registered users only
  • Trust annual financial statement 2025PDF · 04/2026Registered users only