French renewables crowdfunder Enerfip arrives in Spain - report

French renewables-focused crowdfunding platform Enerfip has opened a subsidiary in Spain with plans to raise at least EUR 50 million (USD 50.7m) for new projects over the next two years, Spanish news agency Europa Press reported on Monday, citing a company announcement.

It would seek to finance projects of up to EUR 5 million, the report states.

The Montpellier-based platform offers citizens an opportunity to invest as little as EUR 10 in projects across a wide range of renewable energy technologies, but also in heating and cooling networks. Investors are promised interest rates of up 7% per year before taxes.

Since it was founded in 2014, Enerfip invested roughly EUR 228.6 million in renewables in France, raising money from over 36,000 investors. More recently, the company was invited to raise some EUR 3 million for the 30-MW EolMed floating wind demonstration project in the French Mediterranean.

According to its website, Enerfip had a hand in drumming up funds for projects proposed by some big names, such as Engie SA (EPA:ENGI), TotalEnergies SE (EPA:TTE) and Boralex Inc (TSE:BLX), among others.

In Spain, Enerfip will join domestic crowdfunding firms Fundeen, which asks for a minimum EUR-500 investment, and the newly-established Flobers, where investments start from EUR 1,000. Both Fundeen and Flobers raise money for solar PV projects.

It is unclear from the Europa Press report whether Enerfip will stick to Spain’s solar PV market as well, or cast a wider net to capture onshore wind, biogas and carport solar projects as it does in France.

(EUR 1.0 = USD 1.015)

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