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 · JáchalFinancing

PSF Jáchal

3.0 MWp · Single-axis tracker · bifacial · Merchant · sale on the MEM spot market · USD 48/MWh

Back to explore

Key factskey information sheet · all figures are examples

ItemValueSource
What it is2.98 MWp (2.5 MWac) solar plant in Jáchal, San Juan · Single-axis tracker · bifacial · sells its energy under Merchant · sale on the MEM spot market at USD 48/MWhELAP estimate ELAP · report rev B · P50/P90 study · 08/20/2026
Amount being raisedUSD 1.00 M from the crowd, out of a CAPEX of USD 1.84 M (USD 0.616/Wp) · 88 % raised · closes 11/30/2026Contract 75 % · Quote 5 % · ELAP estimate 20 % as of 10/08/2026
Minimum ticketUSD 500 · 5 shares of USD 100, upfront or in installmentsContract Platform terms, art. 9 · 07/01/2026
ReturnP50 10.1 % · P90 7.7 % of contributed capital in year 1 · projected, not guaranteedELAP estimate ELAP · trust model, report rev B · 08/20/2026
TermMerchant · 25-year useful lifeELAP estimate ELAP · report rev B · 08/20/2026
Main risksSpot price · Curtailment · Construction and scheduleELAP estimate ELAP · report rev B · P50/P90 study · 08/20/2026
Total feesUSD 212,025 one-off (11.5 % of CAPEX) · USD 74,909 per year (23.8 % of year-1 revenue, including debt interest)Contract Trust agreement, annex III · 09/20/2026

[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
98 1P tables of 2 × 261 MV station of 3.15 MVA · 33 kV33 kV MV line · 0.9 km7 ha used of 12ELAP layout, report revision

Who takes part

RoleWhoContributionStatus
LandFarmer (example)In-kind contribution for equityReady
TrackersTrackers del Oeste (example)In-kind contribution for equityReady
BuyerSpot marketNo contract: variable priceIn progress
EPCConstructora Huarpe (example)TurnkeyReady
EngineeringELAPrev BReady

Capital structure example

Land, in kind · USD 0.08 M · 4 %Equipment, in kind · USD 0.26 M · 14 %Crowd · USD 1.00 M · 54 %Bank debt · USD 0.49 M · 27 %

Total USD 1.84 M = CAPEX, sum of the bill of quantities · USD 0.616/Wp · contributed capital (excluding debt) USD 1.34 M

P50P90
Annual distribution — % of paid-in capital
0 %5 %10 %15 %20 %debt repaidP50 13.3 %P90 10.1 %1510152025year
Years 1 to 10 with debtRises once the debt is repaidProjected, not guaranteed

Explicit risks

RiskWhat can happenWhat limits it
Spot priceWithout a PPA, revenue follows the market price, which can fall.Wider return range; the P90 uses USD 43/MWh.
CurtailmentNode with 9 MW of free capacity for 2.5 MW requested.The P90 deducts 2 % for curtailment.
Construction and scheduleCost overruns or delays push back the start of distributions.Turnkey EPC with a fixed price.

Questions

No questions yet.

Financing closes 11/30/2026

88 % · USD 0.88 M of USD 1.00 M · 80 % minimum to close
Minimum ticketUSD 5005 shares · or 12 installments of USD 44 · or 18 of USD 30
Return
7.7 to 10.1 % in year 1 (P90 to P50), projected, not guaranteed
Term
Merchant · 25-year useful life

Grid access

Node
Jáchal 132/33 kV substation
Free capacity
9 MW (CAMMESA, public data)
Requested capacity
2.5 MW
Dispatch priority
Assigned 05/2026 · expires 05/2028
Guarantee deposit
Posted

Energy buyer

No PPA · sale on the spot market (CAMMESA)

Merchant · sale on the MEM spot market · USD 48/MWh

Stages

Land12/2025
Engineering03/2026
Grid access05/2026
todayFinancingcloses 11/30/2026
Construction2027
Operation2027 to 2052

01Equipment and quantities24 lines · total USD 1,836,504 = 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 · 0.616 USD/Wp over 2.981 MWpUSD 1,836,504

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 1,836,504 · 0.616 USD/Wp

CategoryUSDUSD/Wp% of totalMarket reference USD/WpPlatform average USD/WpSource
EquipmentUSD 417,4280.14022.7 %0.1550.144Contract 79 % · Quote 21 % as of 10/08/2026
StructureUSD 353,0550.11819.2 %0.1250.121Contract as of 09/28/2026
Electrical BOSUSD 194,3200.06510.6 %0.0800.078Contract 80 % · ELAP estimate 20 % as of 09/28/2026
Medium voltageUSD 150,9600.0518.2 %0.0350.044Contract 17 % · ELAP estimate 83 % as of 09/28/2026
Civil worksUSD 155,0200.0528.4 %0.0600.063Contract as of 09/28/2026
Grid connectionUSD 226,6000.07612.3 %0.0500.058Contract as of 09/28/2026
EngineeringUSD 35,7740.0121.9 %0.0120.012ELAP estimate as of 08/20/2026
DevelopmentUSD 141,1140.0477.7 %0.0350.037Contract 62 % · ELAP estimate 38 % as of 09/20/2026
TrusteeUSD 15,0000.0050.8 %0.0030.003Contract as of 09/20/2026
InsuranceUSD 6,7380.0020.4 %0.0020.002ELAP estimate as of 08/20/2026
Platform feeUSD 30,0000.0101.6 %0.0100.010Contract as of 07/01/2026
ContingencyUSD 59,8950.0203.3 %0.0200.020ELAP estimate as of 08/20/2026
Financing costUSD 27,4290.0091.5 %0.0120.010ELAP estimate as of 08/20/2026
TaxesUSD 23,1710.0081.3 %0.0080.008ELAP estimate as of 08/20/2026
TotalUSD 1,836,5040.616100 %0.6070.611Contract 75 % · Quote 5 % · ELAP estimate 20 % as of 10/08/2026

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 585 Wp, tier 1Awarded on 10/01/2026 · 5,096 pcs · 2 quotes
BidderOfferUnit priceTotalVersus lowestLead timeResult

Why it won: Lowest price and stock already cleared through customs: delivery in 6 weeks.

Equipment · String inverter 250 kW, 1,500 VOpen · closes 11/05/2026 · 10 pcs · 3 quotes
BidderOfferUnit priceTotalVersus lowestLead timeResult

04Use of fundsUSD 0 disbursed of USD 1,492,884

SourcesUSD%
Land, in kindUSD 80,0004.4 %
Equipment, in kindUSD 263,62014.4 %
CrowdUSD 1,000,00054.5 %
Bank debtUSD 492,88426.8 %
TotalUSD 1,836,504100 %
UsesUSD%
EquipmentUSD 417,42822.7 %
StructureUSD 353,05519.2 %
Electrical BOSUSD 194,32010.6 %
Medium voltageUSD 150,9608.2 %
Civil worksUSD 155,0208.4 %
Grid connectionUSD 226,60012.3 %
EngineeringUSD 35,7741.9 %
DevelopmentUSD 141,1147.7 %
TrusteeUSD 15,0000.8 %
InsuranceUSD 6,7380.4 %
Platform feeUSD 30,0001.6 %
ContingencyUSD 59,8953.3 %
Financing costUSD 27,4291.5 %
TaxesUSD 23,1711.3 %
TotalUSD 1,836,504100 %

In-kind contributions (USD 343,620: 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
01/20/2027Financing closeUSD 141,888Engineering, development, trustee and placement feeon certificationPlanned
03/20/2027EPC signing and advanceUSD 202,649EPC advanceon certificationPlanned
04/20/2027Modules delivered to siteUSD 405,299Modules and inverters on deliveryon certificationPlanned
05/20/2027Pile drivingUSD 162,119Pile driving and structureon certificationPlanned
06/20/2027Mechanical installationUSD 175,629Mechanical installationon certificationPlanned
07/20/2027Electrical installationUSD 162,119Electrical BOS and cableson certificationPlanned
08/20/2027MV station and lineUSD 135,100MV stations, line and outgoing bayon certificationPlanned
09/20/2027CAMMESA commercial operationUSD 108,081EPC balance, contingency and retentionon certificationPlanned
Total through the trust accountUSD 1,492,884CAPEX minus in-kind contributions

05Who gets paid whatUSD 212,025 one-off · USD 74,909 per year

PartyWhoItemBasisAmount USDWhenSource
PlatformMercado SolarPlacement fee3 % of the crowd raise, once at closeUSD 30,000OnceContract Platform terms, art. 9 · 07/01/2026
PlatformMercado SolarAdministration and secondary market1 % of revenue, per yearUSD 3,148Per yearContract Platform terms, art. 10 · 07/01/2026
ELAPELAPEngineering0.012 USD/WpUSD 35,774OnceContract Trust agreement, annex III · 09/20/2026
ELAPELAPDevelopment0.018 USD/WpUSD 53,661OnceContract Trust agreement, annex III · 09/20/2026
TrusteeFiduciaria Pampa S.A. (example)Trust formationfixed feeUSD 15,000OnceContract Trust agreement, annex III · 09/20/2026
TrusteeFiduciaria Pampa S.A. (example)Trust administration0.8 % of revenue, per yearUSD 2,518Per yearContract Trust agreement, annex III · 09/20/2026
EPCConstructora Huarpe (example)EPC's declared margin10 % of the works in its scope (included in the bill of quantities)USD 65,208OnceContract Trust agreement, annex III · 09/20/2026
O&MOperadora Solar Andes (example)Operation and maintenanceUSD 10,000 per MWp per yearUSD 29,812Per yearContract Trust agreement, annex III · 09/20/2026
BankBanco Regional (example)Debt structuring1 % of the debtUSD 4,929OnceContract Trust agreement, annex III · 09/20/2026
BankBanco Regional (example)Year-1 interest8 % a year on the debtUSD 39,431Per yearContract Trust agreement, annex III · 09/20/2026
Independent engineerEstudio Ingeniería Zonda (example)Technical review and construction certificationUSD 2,500 per MWpUSD 7,453OnceContract Trust agreement, annex III · 09/20/2026
One-off, within CAPEXUSD 212,02511.5 % of CAPEX
Annual, year 1USD 74,909from 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 6.56 GWh · P90 6.11 GWh per year · Source: ELAP estimate · ELAP · report rev B · P50/P90 study · 08/20/2026

Data or assumptionValue
P50 production6.56 GWh per year · 2,200 kWh/kWp
P90 production6.11 GWh per year · 2,050 kWh/kWp
Weather data sourcePVGIS-SARAH3 cross-checked with Solcast
Years in the series2005 to 2023 (19 years)
Global horizontal irradiation (GHI)2,090 kWh/m² per year
Bifacial gain7.6 %
Total system losses13.8 %
Soiling2.0 % with quarterly cleaning
Availability99.0 %
Grid curtailment2.0 %
Annual module degradation0.4 % per year (manufacturer's linear warranty)
Combined uncertainty (1 σ)5.3 % · P90 = P50 × (1 − 1.28 σ)
Download ELAP's P50/P90 studyPDF of report rev B, with the weather series and the loss breakdown.

07RevenueMerchant · sale on the MEM spot market

ItemValueSource
PriceUSD 48/MWh: average spot price over the last 12 monthsActual CAMMESA · average monomial price (example) · 09/30/2026
TermNo contract: monthly sale to the MEMELAP estimate ELAP · report rev B · 08/20/2026
IndexationNot applicable: follows the market priceELAP estimate ELAP · report rev B · 08/20/2026
CounterpartyCAMMESA, as market administratorELAP estimate ELAP · report rev B · 08/20/2026
GuaranteesNoneELAP estimate ELAP · report rev B · 08/20/2026
Energy covered100 % on the spot market; the P90 uses USD 43/MWhELAP estimate ELAP · report rev B · 08/20/2026

Spot price over the last 12 months USD/MWh · CAMMESA, average monomial price (example)

10/202511/202512/202501/202602/202603/202604/202605/202606/202607/202608/202609/2026
514946444547505355524737

Average 48.0 USD/MWh: this is the P50 price. Minimum 37 and maximum 55.

08Payment waterfallyear 1 · projected

OrderItemBasisUSD year 1, P50% of revenueUSD year 1, P90Source
Energy sales revenue6.56 GWh × USD 48/MWhUSD 314,810100.0 %USD 262,789Actual CAMMESA · average monomial price (example) · 09/30/2026
1Operation and maintenanceUSD 10,000 per MWp per year−USD 29,8129.5 %−USD 29,812Contract Trust agreement, annex III · 09/20/2026
2Operational all-risk insurance0.3 % of CAPEX per year−USD 5,5101.8 %−USD 5,510ELAP estimate ELAP · trust model, report rev B · 08/20/2026
3Trustee fee0.8 % of revenue−USD 2,5180.8 %−USD 2,102Contract Trust agreement, annex III · 09/20/2026
4Platform administration fee1 % of revenue−USD 3,1481.0 %−USD 2,628Contract Platform terms, art. 10 · 07/01/2026
5Municipal fees and gross receipts tax1.2 % of revenue−USD 3,7781.2 %−USD 3,153ELAP estimate ELAP · trust model, report rev B · 08/20/2026
6Income tax35 % of profit, with 25-year depreciation−USD 55,00417.5 %−USD 37,343ELAP estimate ELAP · trust model, report rev B · 08/20/2026
7Debt service (principal and interest)USD 0.49 M at 8 % over 10 years−USD 73,45423.3 %−USD 73,454Contract Trust agreement, annex III · 09/20/2026
8Inverter replacement reserveUSD 2,000 per MWp per year−USD 5,9621.9 %−USD 5,962ELAP estimate ELAP · trust model, report rev B · 08/20/2026
9Distribution to investors10.1 % of contributed capitalUSD 135,62543.1 %USD 102,825ELAP estimate ELAP · trust model, report rev B · 08/20/2026

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 1,343,620).

09Sensitivityyear 1 · same model as the payment waterfall · Source: ELAP estimate · ELAP · trust model, report rev B · 08/20/2026

CaseYear-1 returnVersus baseDistribution USDPer USD 1,000
Base case (P50)10.1 %—USD 135,625USD 101
Sale price −10 %8.6 %−1.5 ppUSD 115,776USD 86
P90 production7.7 %−2.4 ppUSD 102,825USD 77
CAPEX +10 %, with more debt8.6 %−1.5 ppUSD 115,610USD 86
20 % exchange-rate gap8.4 %−1.7 ppUSD 113,020USD 84

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 B · schedule · 08/20/2026

MilestonePlannedActualDelay
EPC signing and advance02/15/2027pending—
Modules delivered to site04/15/2027pending—
Pile driving05/15/2027pending—
Mechanical installation06/15/2027pending—
Electrical installation07/15/2027pending—
MV station and line08/15/2027pending—
Energization09/15/2027pending—
CAMMESA commercial operation10/15/2027pending—
Main equipmentOf 8
Awarded or later2
Purchased0
Delivered to site0
Installed0
MonthPlannedActualCurve
02/20270 %—
03/20277 %—
04/202726 %—
05/202750 %—
06/202774 %—
07/202793 %—
08/2027100 %—

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

11Change logpublic to everyone

DateWhat changedFromToWhySource
08/20/2026Modulesrev A · 5,148 modules · 99 tablesrev B · 5,096 modules · 98 tablesRev B of the ELAP report: one table is dropped when the layout is adjusted to the canal setback.ELAP estimate ELAP · report rev B · 08/20/2026
09/25/2026Trackers: price and sourceELAP estimate · USD 2,740 per tableContract · USD 2,690 per tableIn-kind contribution for equity by Trackers del Oeste (example).Contract Contribution agreement no. 5 · 09/25/2026
10/01/2026Modules: sourceELAP estimate · USD 0.110/WpContract · USD 0.110/WpTender awarded to Importadora Litoral (example).Contract Purchase order no. 2 · 10/01/2026

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

12Documentsdata room

  • Trust agreementPDF · 09/2026Registered users only
  • ProspectusPDF · 09/2026View
  • Power purchase agreementPending
  • ELAP engineering report, rev BPDF · 08/2026View
  • Grid access studyPDF · 05/2026 · CAMMESA priority noteView
  • Independent engineer's technical auditPending
  • Quarterly financial statements of the trustPending