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 Luis · Quines, Ayacucho departmentFinancing
PSF Quines I
12.0 MWp · Single-axis tracker · bifacial · 15-year MATER PPA · USD 57/MWh
Key factskey information sheet · all figures are examples
| Item | Value | Source |
|---|---|---|
| What it is | 12.02 MWp (10.0 MWac) solar plant in Quines, Ayacucho department, San Luis · Single-axis tracker · bifacial · sells its energy under 15-year MATER PPA at USD 57/MWh | ELAP estimate ELAP · report rev B · P50/P90 study · 09/15/2026 |
| Amount being raised | USD 3.80 M from the crowd, out of a CAPEX of USD 7.35 M (USD 0.612/Wp) · 64 % raised · closes 12/15/2026 | Contract 76 % · Quote 7 % · ELAP estimate 17 % as of 10/10/2026 |
| Minimum ticket | USD 500 · 5 shares of USD 100, upfront or in installments | Contract Platform terms, art. 9 · 07/01/2026 |
| Return | P50 11.3 % · P90 9.9 % of contributed capital in year 1 · projected, not guaranteed | ELAP estimate ELAP · trust model, report rev B · 09/15/2026 |
| Term | 15-year PPA · 25-year useful life | Contract Signed MATER PPA · 08/28/2026 |
| Main risks | Curtailment · Price · Exchange rate | ELAP estimate ELAP · report rev B · P50/P90 study · 09/15/2026 |
| Total fees | USD 822,691 one-off (11.2 % of CAPEX) · USD 357,896 per year (25.1 % of year-1 revenue, including debt interest) | Contract Trust agreement, annex III · 10/10/2026 |
[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
424 1P tables of 2 × 262 MV stations of 5 MVA · 33 kV33 kV MV line · 6.5 km to San Francisco substation28 ha used of 85ELAP layout, report revision
Who takes part
| Role | Who | Contribution | Status |
|---|---|---|---|
| Land | Est. La Esperanza, García estate | In-kind contribution for equity · 85 ha | Ready |
| Modules | Importadora Andina (example) | Awarded · sale in 18 trust installments | Ready |
| Trackers | Trackers del Oeste (example) | Awarded · in-kind contribution for equity | Ready |
| Inverters | 2 quotes | Open tender · closes 10/30/2026 | In progress |
| EPC | Constructora Huarpe (example) | Turnkey · fixed price · 2-year warranty | Ready |
| O&M | Operadora Solar Andes (example) | 5 years, renewable | Ready |
| Buyer | Food manufacturer, Villa Mercedes | 15-year MATER PPA · USD 57/MWh · 85 % of the energy | Ready |
| Trustee | Fiduciaria Pampa S.A. (example) | Contract signed 10/2026 | Ready |
| Independent engineer | Estudio Ingeniería Zonda (example) | Design review and construction certification | Ready |
| Insurer | Aseguradora Ruta (example) | All-risk construction and operation · being quoted | In progress |
| Bank | Banco Regional (example) | 8 % · 10 years · letter of intent | In progress |
| Engineering | ELAP | Layout, P50/P90, single-line diagram, bill of quantities and costs · rev B | Ready |
Capital structure example
Land, in kind · USD 0.30 M · 4 %Equipment, in kind · USD 1.13 M · 15 %Crowd · USD 3.80 M · 52 %Bank debt · USD 2.13 M · 29 %
Total USD 7.35 M = CAPEX, sum of the bill of quantities · USD 0.612/Wp · contributed capital (excluding debt) USD 5.23 M
P50P90
Annual distribution — % of paid-in capital
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
| Risk | What can happen | What limits it |
|---|---|---|
| Curtailment | If the grid becomes congested, CAMMESA curtails injection and less energy is sold. | Dispatch priority assigned; free node capacity of 18 MW for 10 MW requested; the P90 already deducts 3 %. |
| Price | The PPA covers 15 years; after that the energy is sold at market price, which is lower and uncertain. | The chart shows the drop from year 16 with an example price of USD 45/MWh. |
| Exchange rate | The PPA is in USD and collected in pesos at the official exchange rate; distributions follow that exchange rate. | Adjustment clause; the exchange-rate gap is a risk borne by the investor (see sensitivity). |
| Buyer | If the buyer does not pay or shuts down, the plant sells on the spot market at a lower price. | Guarantee of 3 months of billing; rated buyer; the remaining 15 % already goes to the spot market. |
| Construction and schedule | Cost overruns or delays push back the start of distributions. | Turnkey EPC with a fixed price and warranty; an independent engineer certifies progress. |
| Priority that never reaches operation | Many projects with assigned dispatch priority never reach operation: the priority expires and the deposit is lost. | Financing with a fixed close; if the minimum is not reached, the paid-in amounts are refunded. |
Questions
- What happens if the plant produces less than the P90? · machine translationThe P90 is the scenario exceeded 9 years out of 10. There may be worse years: that year's distribution falls proportionally. There is no guaranteed return. · machine translationProject team · 10/02/2026
- Am I paid in dollars? · machine translationDistributions are calculated in USD and paid in pesos at the official exchange rate on the payment date, unless you have an enabled USD account. · machine translationFiduciaria Pampa · 10/05/2026
- Can I sell before the 25 years are up? · machine translationYes, on the platform's secondary market once the plant is in operation. The price is set by supply and demand. · machine translationProject team · 10/08/2026
Financing closes 12/15/2026
64 % · USD 2.43 M of USD 3.80 M · 80 % minimum to close
Minimum ticketUSD 5005 shares · or 12 installments of USD 44 · or 18 of USD 30
- Return
- 9.9 to 11.3 % in year 1 (P90 to P50), projected, not guaranteed
- Term
- 15-year PPA · 25-year useful life
Grid access
- Node
- San Francisco 132/33 kV substation
- Free capacity
- 18 MW (CAMMESA, public data)
- Requested capacity
- 10.0 MW
- Dispatch priority
- Assigned 08/2026 · expires 08/2028
- Guarantee deposit
- Posted
Energy buyer
Food manufacturer, Villa Mercedes · MATER Large User
15-year MATER PPA · USD 57/MWh
Stages
Land03/2026
Engineering06/2026
Grid access08/2026
todayFinancingcloses 12/15/2026
Construction2027 · 8 months
Operation2028 to 2053
01Equipment and quantities24 lines · total USD 7,350,401 = CAPEX
| Category | Description | Manufacturer and model | Specification | Quantity | Unit price | Total | Source | Purchase status |
|---|---|---|---|---|---|---|---|---|
| Main equipment, item by item · click a row to see warranty, country and datasheet | ||||||||
| Equipment | Bifacial PV module | JA SolarJAM72D30-545/MB | 545 Wp · bifacial · 1,500 V | 22,048 pcs | USD 61.04 | USD 1,345,810 | Contract Purchase order no. 14 · Importadora Andina (example) · 09/22/2026 | Awarded |
| Equipment | String inverter | SungrowSG250HX | 250 kW · 1,500 V · 12 MPPT | 40 pcs | USD 8,900 | USD 356,000 | Quote Supplier A · 09/12/2026 · expires 10/30/2026 | Quoted |
| Structure | Single-axis tracker, one row (1P) | NextrackerNX Horizon | 1P · 52 modules · ±60° | 424 tables | USD 2,654 | USD 1,125,296 | Contract Contribution agreement no. 3 · Trackers del Oeste (example) · 09/18/2026 | Awarded |
| Medium voltage | Oil-immersed power transformer | Tadeo CzerwenyTPC 5000 kVA ONAN | 5 MVA · 33/0.8 kV · Dyn11 | 2 pcs | USD 98,000 | USD 196,000 | ELAP estimate ELAP · report rev B · 09/15/2026 | To quote |
| Medium voltage | Medium-voltage switchgear, 3 functions | Ormazabalcgm.3 36 kV | 36 kV · 2 lines + protection | 2 pcs | USD 46,000 | USD 92,000 | ELAP estimate ELAP · report rev B · 09/15/2026 | To quote |
| Electrical BOS | DC solar cable | PrysmianTecsun H1Z2Z2-K | 1 × 6 mm² · 1.5 kV | 48,000 m | USD 0.95 | USD 45,600 | ELAP estimate ELAP · report rev B · 09/15/2026 | To quote |
| Electrical BOS | Low-voltage cable, inverter to station | IMSASubterráneo XLPE Al | 1 × 240 mm² · 1.8/3 kV | 18,000 m | USD 6.20 | USD 111,600 | ELAP estimate ELAP · report rev B · 09/15/2026 | To quote |
| Medium voltage | Medium-voltage cable, internal network | CimetXLPE 18/30 kV Al | 1 × 185 mm² · 33 kV | 7,500 m | USD 14.50 | USD 108,750 | Quote Supplier B · 10/03/2026 · expires 11/02/2026 | Quoted |
| Minor items, by category | ||||||||
| Structure | Pile driving and mechanical installation of the trackers | — | 0.030 USD/Wp | 1 lump sum | USD 403,743 | USD 403,743 | Contract EPC contract · Constructora Huarpe (example) · 10/05/2026 | Awarded |
| Electrical BOS | String boxes, protection, earthing, monitoring and electrical installation | — | 0.052 USD/Wp | 1 lump sum | USD 699,821 | USD 699,821 | Contract EPC contract · Constructora Huarpe (example) · 10/05/2026 | Awarded |
| Medium voltage | Housing, foundations and installation of the MV stations | — | per station | 2 pcs | USD 29,120 | USD 58,240 | Contract EPC contract · Constructora Huarpe (example) · 10/05/2026 | Awarded |
| Civil works | Earthworks, internal roads, fencing, drainage and site compound | — | 0.052 USD/Wp | 1 lump sum | USD 699,821 | USD 699,821 | Contract EPC contract · Constructora Huarpe (example) · 10/05/2026 | Awarded |
| Grid connection | 33 kV medium-voltage line, concrete poles | — | per km | 6.5 km | USD 82,880 | USD 538,720 | Contract EPC contract · Constructora Huarpe (example) · 10/05/2026 | Awarded |
| Grid connection | Outgoing bay at the substation, protection and SMEC metering | — | 1 bay | 1 lump sum | USD 268,800 | USD 268,800 | Contract EPC contract · Constructora Huarpe (example) · 10/05/2026 | Awarded |
| Engineering | ELAP engineering: basic, detailed, P50/P90 and as-built | — | 0.012 USD/Wp | 1 lump sum | USD 144,194 | USD 144,194 | ELAP estimate ELAP · report rev B · 09/15/2026 | Purchased |
| Development | ELAP development: permits, environmental impact and dispatch priority management | — | 0.018 USD/Wp | 1 lump sum | USD 216,291 | USD 216,291 | ELAP estimate ELAP · report rev B · 09/15/2026 | Purchased |
| Development | Independent engineer: design review and construction certification | — | USD 2,500 per MWp | 1 lump sum | USD 30,040 | USD 30,040 | Contract Trust agreement · 10/10/2026 | Awarded |
| Development | Land, in-kind contribution for equity (valuation) | — | in kind | 1 lump sum | USD 300,000 | USD 300,000 | Contract Land contribution agreement · valuation (example) · 03/02/2026 | Purchased |
| Trustee | Trust formation and legal structuring | — | fixed fee | 1 lump sum | USD 30,000 | USD 30,000 | Contract Trust agreement · 10/10/2026 | Purchased |
| Insurance | All-risk construction and transport insurance | — | 0.45 % of construction | 1 lump sum | USD 27,226 | USD 27,226 | Quote Supplier A · 2 policies · 10/08/2026 · expires 11/07/2026 | Quoted |
| Platform fee | Platform placement fee | — | 3 % of the crowd raise | 1 lump sum | USD 114,000 | USD 114,000 | Contract Platform terms, art. 9 · 07/01/2026 | Awarded |
| Contingency | Construction contingency | — | 4 % of construction | 1 lump sum | USD 242,008 | USD 242,008 | ELAP estimate ELAP · report rev B · 09/15/2026 | To quote |
| Financing cost | Cost of investor installments and debt structuring | — | 5 % of the amount paid in installments + 1 % of the debt | 1 lump sum | USD 106,751 | USD 106,751 | ELAP estimate ELAP · report rev B · 09/15/2026 | To quote |
| Taxes | Import duties, statistics fee and non-recoverable taxes | — | 5 % of imports from outside Mercosur | 1 lump sum | USD 89,690 | USD 89,690 | ELAP estimate ELAP · report rev B · 09/15/2026 | To quote |
| Bill of quantities total · 0.612 USD/Wp over 12.016 MWp | USD 7,350,401 | |||||||
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 7,350,401 · 0.612 USD/Wp
| Category | USD | USD/Wp | % of total | Market reference USD/Wp | Platform average USD/Wp | Source |
|---|---|---|---|---|---|---|
| Equipment | USD 1,701,810 | 0.142 | 23.2 % | 0.155 | 0.143 | Contract 79 % · Quote 21 % as of 09/22/2026 |
| Structure | USD 1,529,039 | 0.127 | 20.8 % | 0.125 | 0.119 | Contract as of 10/05/2026 |
| Electrical BOS | USD 857,021 | 0.071 | 11.7 % | 0.080 | 0.077 | Contract 82 % · ELAP estimate 18 % as of 10/05/2026 |
| Medium voltage | USD 454,990 | 0.038 | 6.2 % | 0.035 | 0.046 | Contract 13 % · Quote 24 % · ELAP estimate 63 % as of 10/05/2026 |
| Civil works | USD 699,821 | 0.058 | 9.5 % | 0.060 | 0.062 | Contract as of 10/05/2026 |
| Grid connection | USD 807,520 | 0.067 | 11.0 % | 0.050 | 0.060 | Contract as of 10/05/2026 |
| Engineering | USD 144,194 | 0.012 | 2.0 % | 0.012 | 0.012 | ELAP estimate as of 09/15/2026 |
| Development | USD 546,331 | 0.045 | 7.4 % | 0.035 | 0.037 | Contract 60 % · ELAP estimate 40 % as of 10/10/2026 |
| Trustee | USD 30,000 | 0.002 | 0.4 % | 0.003 | 0.004 | Contract as of 10/10/2026 |
| Insurance | USD 27,226 | 0.002 | 0.4 % | 0.002 | 0.002 | Quote as of 10/08/2026 |
| Platform fee | USD 114,000 | 0.009 | 1.6 % | 0.010 | 0.010 | Contract as of 07/01/2026 |
| Contingency | USD 242,008 | 0.020 | 3.3 % | 0.020 | 0.020 | ELAP estimate as of 09/15/2026 |
| Financing cost | USD 106,751 | 0.009 | 1.5 % | 0.012 | 0.010 | ELAP estimate as of 09/15/2026 |
| Taxes | USD 89,690 | 0.007 | 1.2 % | 0.008 | 0.008 | ELAP estimate as of 09/15/2026 |
| Total | USD 7,350,401 | 0.612 | 100 % | 0.607 | 0.612 | Contract 76 % · Quote 7 % · ELAP estimate 17 % as of 10/10/2026 |
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 545 Wp or higher, tier 1Awarded on 09/22/2026 · 22,048 pcs · 3 quotes
| Bidder | Offer | Unit price | Total | Versus lowest | Lead time | Result |
|---|---|---|---|---|---|---|
| Importadora Andina (example) | JA Solar JAM72D30-545/MB | USD 61.04 | USD 1,345,810 | +2.9 % | 14 wk | Selected |
| Importadora Litoral (example) | LONGi Hi-MO 5 LR5-72HBD-545M | USD 63.22 | USD 1,393,875 | +6.6 % | 16 wk | Not selected |
| Distribuidora Norte (example) | Trina Solar Vertex TSM-DEG19C.20 545 Wp | USD 59.30 | USD 1,307,446 | lowest | 22 wk | Not selected |
Why it won: Not the cheapest (3 % above C), but delivers in 14 weeks versus 22 and accepts the trust's 18 installments.
Structure · Single-row 1P tracker, 52 modulesAwarded on 09/18/2026 · 424 tables · 3 quotes
| Bidder | Offer | Unit price | Total | Versus lowest | Lead time | Result |
|---|---|---|---|---|---|---|
| Estructuras del Sur (example) | Arctech SkyLine II | USD 2,602 | USD 1,103,248 | lowest | 18 wk | Not selected |
| Trackers del Oeste (example) | Nextracker NX Horizon | USD 2,654 | USD 1,125,296 | +2.0 % | 12 wk | Selected |
| Metalúrgica Neuquina (example) | Array Technologies DuraTrack HZ v3 | USD 2,731 | USD 1,157,944 | +5.0 % | 14 wk | Not selected |
Why it won: The only offer contributing 100 % of the supply for equity; price within 2 % of the cheapest.
Equipment · String inverter 250 kW, 1,500 VOpen · closes 10/30/2026 · 40 pcs · 2 quotes
| Bidder | Offer | Unit price | Total | Versus lowest | Lead time | Result |
|---|---|---|---|---|---|---|
| Supplier A | Sungrow SG250HX | USD 8,900 | USD 356,000 | +3.0 % | 10 wk | Under evaluation |
| Supplier B | Solis S6-GU250K-EHV | USD 8,640 | USD 345,600 | lowest | 16 wk | Under evaluation |
Medium voltage · XLPE cable 18/30 kV 1 × 185 mm² AlOpen · closes 11/06/2026 · 7,500 m · 2 quotes
| Bidder | Offer | Unit price | Total | Versus lowest | Lead time | Result |
|---|---|---|---|---|---|---|
| Supplier A | Prysmian Retenax MT | USD 15.10 | USD 113,250 | +4.1 % | 6 wk | Under evaluation |
| Supplier B | Cimet XLPE 18/30 kV | USD 14.50 | USD 108,750 | lowest | 4 wk | Under evaluation |
04Use of fundsUSD 0 disbursed of USD 5,925,105
| Sources | USD | % |
|---|---|---|
| Land, in kind | USD 300,000 | 4.1 % |
| Equipment, in kind | USD 1,125,296 | 15.3 % |
| Crowd | USD 3,800,000 | 51.7 % |
| Bank debt | USD 2,125,105 | 28.9 % |
| Total | USD 7,350,401 | 100 % |
| Uses | USD | % |
|---|---|---|
| Equipment | USD 1,701,810 | 23.2 % |
| Structure | USD 1,529,039 | 20.8 % |
| Electrical BOS | USD 857,021 | 11.7 % |
| Medium voltage | USD 454,990 | 6.2 % |
| Civil works | USD 699,821 | 9.5 % |
| Grid connection | USD 807,520 | 11.0 % |
| Engineering | USD 144,194 | 2.0 % |
| Development | USD 546,331 | 7.4 % |
| Trustee | USD 30,000 | 0.4 % |
| Insurance | USD 27,226 | 0.4 % |
| Platform fee | USD 114,000 | 1.6 % |
| Contingency | USD 242,008 | 3.3 % |
| Financing cost | USD 106,751 | 1.5 % |
| Taxes | USD 89,690 | 1.2 % |
| Total | USD 7,350,401 | 100 % |
In-kind contributions (USD 1,425,296: 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.
| Date | Milestone | Amount | Use | Certificate | Status |
|---|---|---|---|---|---|
| 12/20/2026 | Financing close | USD 534,525 | Engineering, development, trustee and placement fee | on certification | Planned |
| 02/20/2027 | EPC signing and advance | USD 808,587 | EPC advance | on certification | Planned |
| 03/20/2027 | Modules delivered to site | USD 1,617,174 | Modules and inverters on delivery | on certification | Planned |
| 04/20/2027 | Pile driving | USD 646,870 | Pile driving and structure | on certification | Planned |
| 05/20/2027 | Mechanical installation | USD 700,775 | Mechanical installation | on certification | Planned |
| 06/20/2027 | Electrical installation | USD 646,870 | Electrical BOS and cables | on certification | Planned |
| 07/20/2027 | MV station and line | USD 539,058 | MV stations, line and outgoing bay | on certification | Planned |
| 08/20/2027 | CAMMESA commercial operation | USD 431,246 | EPC balance, contingency and retention | on certification | Planned |
| Total through the trust account | USD 5,925,105 | CAPEX minus in-kind contributions | |||
05Who gets paid whatUSD 822,691 one-off · USD 357,896 per year
| Party | Who | Item | Basis | Amount USD | When | Source |
|---|---|---|---|---|---|---|
| Platform | Mercado Solar | Placement fee | 3 % of the crowd raise, once at close | USD 114,000 | Once | Contract Platform terms, art. 9 · 07/01/2026 |
| Platform | Mercado Solar | Administration and secondary market | 1 % of revenue, per year | USD 14,261 | Per year | Contract Platform terms, art. 10 · 07/01/2026 |
| ELAP | ELAP | Engineering | 0.012 USD/Wp | USD 144,194 | Once | Contract Trust agreement, annex III · 10/10/2026 |
| ELAP | ELAP | Development | 0.018 USD/Wp | USD 216,291 | Once | Contract Trust agreement, annex III · 10/10/2026 |
| Trustee | Fiduciaria Pampa S.A. (example) | Trust formation | fixed fee | USD 30,000 | Once | Contract Trust agreement, annex III · 10/10/2026 |
| Trustee | Fiduciaria Pampa S.A. (example) | Trust administration | 0.8 % of revenue, per year | USD 11,409 | Per year | Contract Trust agreement, annex III · 10/10/2026 |
| EPC | Constructora Huarpe (example) | EPC's declared margin | 10 % of the works in its scope (included in the bill of quantities) | USD 266,915 | Once | Contract Trust agreement, annex III · 10/10/2026 |
| O&M | Operadora Solar Andes (example) | Operation and maintenance | USD 13,500 per MWp per year | USD 162,218 | Per year | Contract Trust agreement, annex III · 10/10/2026 |
| Bank | Banco Regional (example) | Debt structuring | 1 % of the debt | USD 21,251 | Once | Contract Trust agreement, annex III · 10/10/2026 |
| Bank | Banco Regional (example) | Year-1 interest | 8 % a year on the debt | USD 170,008 | Per year | Contract Trust agreement, annex III · 10/10/2026 |
| Independent engineer | Estudio Ingeniería Zonda (example) | Technical review and construction certification | USD 2,500 per MWp | USD 30,040 | Once | Contract Trust agreement, annex III · 10/10/2026 |
| One-off, within CAPEX | USD 822,691 | 11.2 % of CAPEX | ||||
| Annual, year 1 | USD 357,896 | from 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 25.83 GWh · P90 24.15 GWh per year · Source: ELAP estimate · ELAP · report rev B · P50/P90 study · 09/15/2026
| Data or assumption | Value |
|---|---|
| P50 production | 25.83 GWh per year · 2,150 kWh/kWp |
| P90 production | 24.15 GWh per year · 2,010 kWh/kWp |
| Weather data source | PVGIS-SARAH3 cross-checked with Solcast |
| Years in the series | 2005 to 2023 (19 years) |
| Global horizontal irradiation (GHI) | 2,010 kWh/m² per year |
| Bifacial gain | 7.5 % |
| Total system losses | 14.2 % |
| Soiling | 2.0 % with quarterly cleaning |
| Availability | 99.0 % |
| Grid curtailment | 3.0 % |
| Annual module degradation | 0.4 % 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 B, with the weather series and the loss breakdown.
07Revenue15-year MATER PPA
| Item | Value | Source |
|---|---|---|
| Price | USD 57/MWh | Contract Signed MATER PPA · 08/28/2026 |
| Term | 15 years from commercial operation | Contract Signed MATER PPA · 08/28/2026 |
| Indexation | No indexation: fixed price in USD | Contract Signed MATER PPA · 08/28/2026 |
| Counterparty | Food manufacturer, Villa Mercedes · MATER Large User · A rating (example) | Contract Signed MATER PPA · 08/28/2026 |
| Guarantees | Letter of credit for 3 months of billing | Contract Signed MATER PPA · 08/28/2026 |
| Energy covered | 85 % of the energy; the remaining 15 % on the spot market | Contract Signed MATER PPA · 08/28/2026 |
| After the contract | Spot, USD 45/MWh as an example | ELAP estimate ELAP · report rev B · 09/15/2026 |
08Payment waterfallyear 1 · projected
| Order | Item | Basis | USD year 1, P50 | % of revenue | USD year 1, P90 | Source |
|---|---|---|---|---|---|---|
| Energy sales revenue | 25.83 GWh · 85 % at USD 57/MWh and 15 % at USD 45/MWh | USD 1,426,078 | 100.0 % | USD 1,315,103 | Contract Signed MATER PPA · 08/28/2026 | |
| 1 | Operation and maintenance | USD 13,500 per MWp per year | −USD 162,218 | 11.4 % | −USD 162,218 | Contract Trust agreement, annex III · 10/10/2026 |
| 2 | Operational all-risk insurance | 0.3 % of CAPEX per year | −USD 22,051 | 1.5 % | −USD 22,051 | ELAP estimate ELAP · trust model, report rev B · 09/15/2026 |
| 3 | Trustee fee | 0.8 % of revenue | −USD 11,409 | 0.8 % | −USD 10,521 | Contract Trust agreement, annex III · 10/10/2026 |
| 4 | Platform administration fee | 1 % of revenue | −USD 14,261 | 1.0 % | −USD 13,151 | Contract Platform terms, art. 10 · 07/01/2026 |
| 5 | Municipal fees and gross receipts tax | 1.2 % of revenue | −USD 17,113 | 1.2 % | −USD 15,781 | ELAP estimate ELAP · trust model, report rev B · 09/15/2026 |
| 6 | Income tax | 35 % of profit, with 25-year depreciation | −USD 257,251 | 18.0 % | −USD 219,575 | ELAP estimate ELAP · trust model, report rev B · 09/15/2026 |
| 7 | Debt service (principal and interest) | USD 2.13 M at 8 % over 10 years | −USD 316,703 | 22.2 % | −USD 316,703 | Contract Trust agreement, annex III · 10/10/2026 |
| 8 | Inverter replacement reserve | USD 3,000 per MWp per year | −USD 36,048 | 2.5 % | −USD 36,048 | ELAP estimate ELAP · trust model, report rev B · 09/15/2026 |
| 9 | Distribution to investors | 11.3 % of contributed capital | USD 589,024 | 41.3 % | USD 519,054 | ELAP estimate ELAP · trust model, report rev B · 09/15/2026 |
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 5,225,296).
09Sensitivityyear 1 · same model as the payment waterfall · Source: ELAP estimate · ELAP · trust model, report rev B · 09/15/2026
| Case | Year-1 return | Versus base | Distribution USD | Per USD 1,000 |
|---|---|---|---|---|
| Base case (P50) | 11.3 % | — | USD 589,024 | USD 113 |
| Sale price −10 % | 9.6 % | −1.7 pp | USD 499,110 | USD 96 |
| P90 production | 9.9 % | −1.3 pp | USD 519,054 | USD 99 |
| CAPEX +10 %, with more debt | 9.7 % | −1.5 pp | USD 508,919 | USD 97 |
| 20 % exchange-rate gap | 9.4 % | −1.9 pp | USD 490,853 | USD 94 |
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 · 09/15/2026
| Milestone | Planned | Actual | Delay |
|---|---|---|---|
| EPC signing and advance | 01/15/2027 | pending | — |
| Modules delivered to site | 03/15/2027 | pending | — |
| Pile driving | 04/15/2027 | pending | — |
| Mechanical installation | 05/15/2027 | pending | — |
| Electrical installation | 06/15/2027 | pending | — |
| MV station and line | 07/15/2027 | pending | — |
| Energization | 08/15/2027 | pending | — |
| CAMMESA commercial operation | 09/15/2027 | pending | — |
| Main equipment | Of 8 |
|---|---|
| Awarded or later | 2 |
| Purchased | 0 |
| Delivered to site | 0 |
| Installed | 0 |
| Month | Planned | Actual | Curve |
|---|---|---|---|
| 01/2027 | 0 % | — | |
| 02/2027 | 4 % | — | |
| 03/2027 | 16 % | — | |
| 04/2027 | 32 % | — | |
| 05/2027 | 50 % | — | |
| 06/2027 | 68 % | — | |
| 07/2027 | 84 % | — | |
| 08/2027 | 96 % | — | |
| 09/2027 | 100 % | — |
Purchase status of each item in section 1. Actual dates and progress: independent engineer's certificates.
11Change logpublic to everyone
| Date | What changed | From | To | Why | Source |
|---|---|---|---|---|---|
| 09/15/2026 | Modules | rev A · 22,020 modules | rev B · 22,048 modules | Rev B of the ELAP report: the layout is adjusted to whole tables of 52 modules. | ELAP estimate ELAP · report rev B · 09/15/2026 |
| 09/18/2026 | Trackers: price and source | ELAP estimate · USD 2,710 per table | Contract · USD 2,654 per table | Tender awarded to Trackers del Oeste (example), in-kind contribution for equity. | Contract Contribution agreement no. 3 · 09/18/2026 |
| 09/22/2026 | Modules: source | Quote · USD 0.112/Wp | Contract · USD 0.112/Wp | Purchase order no. 14 to Importadora Andina (example). | Contract Purchase order no. 14 · 09/22/2026 |
When a figure changes source (estimated, quoted, contracted, actual), the previous one stays here.
12Documentsdata room
- Trust agreementPDF · 10/2026Registered users only
- ProspectusPDF · 10/2026View
- Power purchase agreementPDF · 08/2026 · term sheetRegistered users only
- ELAP engineering report, rev BPDF · 09/2026View
- Grid access studyPDF · 08/2026 · CAMMESA priority noteView
- Independent engineer's technical auditPending
- Quarterly financial statements of the trustPending
- P50/P90 production studyPDF · 09/2026View
- Plant layout and single-line diagram ELE-SLD-01PDF · 09/2026View
- Bill of quantities and budgetXLSX · 09/2026Registered users only
- EPC bidPDF · 09/2026Registered users only
- All-risk policyPending