- The citizen's participation instrument is open to private investors, companies and public bodies in the region.
- Participation is available through the Fundeen Participatory Financing Platform, with a minimum capital of €500 and a maximum of €25,000 euros, an investment period of 10 years and a fixed return of 5.8% for the municipalities of La Jonquera, Agullana, Capmany, Biure, Pont de Molins, Llers, Vilafant and Figueres, and 5.3% for the rest of the Alt Empordà.
- The Galatea Wind Farm project envisages the installation of an installed capacity of 49 MW and would generate 140 GWh/year, equivalent to supplying the annual electricity consumption for half the homes in the Alt Empordà.
Through its renewable energy subsidiary, Enel Green Power España (EGPE), Endesa has already made the local participation instrument available for the construction of the Galatea Wind Farm, as established by Decree Law 24/2021 on accelerating the deployment of distributed and participated renewable energies by the Regional Government of Catalonia. This will enable the residents of the Alt Empordà to invest in the wind farm via the website or the application of the Fundeen Participatory Financing Platform.
The company has made a financial instrument available that represents an investment opportunity for the construction of the Galatea Wind Farm with the aim of promoting the social-economic development of the territory. This local participation instrument is part of the Shared Value Plan that the company has presented in the territory, which includes a number of proposals relating to employment, social projects, environmental development, protection of biodiversity and renewable energy production.
Galatea Wind Farm
Located within the municipality of La Jonquera, the project envisages the installation of 49 MW of power in the Alt Empordà region to generate 140 GWh/year, the equivalent of supplying the annual electricity requirement for half the homes in the region. The Galatea Wind Farm, which is currently in the processing phase, envisages the installation of 9 wind turbines outside the protected natural area and involves an investment of about €50 million. The energy generated will be transported via a power line to the Figueres substation.
After the approval of an Environmental Impact Statement for the Galatea Wind Farm project in the municipality of La Jonquera, EGPE is making further progress with regard to compliance with the established environmental conditions and the presentation of the local participation instrument.
Who can participate as an investor?
This financial instrument has been created for the residents of the Alt Empordà and the following may participate:
- Private investors: Natural persons who have been registered as residents in the territory for more than two years.
- Companies and public bodies throughout the region: Legal entities that have been present in the territory for more than two years.
The conditions for the investment are different depending the geographical location of the investor, with greater profitability being given to the municipalities where the wind turbines and the transport line will be installed.
- Investors in the municipalities of La Jonquera, Agullana, Capmany, Biure, Pont de Molins, Llers, Vilafant and Figueres
- To obtain a subsidised return equal to 5.80% IRR it is necessary to be an inhabitant of any of these municipalities. The first €500,000 of the project will be reserved for this group.
- To qualify for this investment it is necessary to reserve the amount to be invested during the reserve capture phase.
- Investors from the remaining municipalities in the Alt Empordà region
- For the remaining investors residing in Alt Empordà, a return equal to 5.30% IRR is expected.
- As in the case of residents in the municipalities with priority, the reservation of an investment does not represent a commitment.
Characteristics of the financial instrument
Participation as investors is made by making a loan to the company that promotes and owns the project (EGPE) through the Fundeen Participatory Financing Platform and in accordance with the following terms and conditions:
- Minimum capital of €500 and a maximum of €25,000.
- Investment period of 10 years.
- Fixed profitability of 5.8 % for residents of the municipalities of La Jonquera, Agullana, Capmany, Biure, Pont de Molins, Llers, Vilafant and Figueres(*).
- Fixed profitability of 5.3 % for other residents of the Alt Empordà(*).
- 100% guaranteed by a corporate guarantee issued by Endesa, S.A. of Investment Grade quality (BBB+, Standard & Poor's).
(*) Residents registered for a minimum of two years in accordance with Decree Law 24-2021.
Significant phases and dates for the local participation instrument
- March 2023: Opening of the reserve period for the investment. No financial contribution is required. The investor acquires a future right and Endesa an obligation for confirmation to be confirmed when the financing opens at the time when the wind farm opens for operation, scheduled for the third quarter of 2025. The reserve period will be open throughout 2023.
- Third quarter 2025: Financing opens. This phase will open when the project has already been built and is in operation. Investors with prior reservation will make their economic contributions and the loan will be formalised.
- During the first 10 years the wind farm operates. Every six months investors will receive their proportional share of invested capital plus interest.
- After the first 10 years the wind farm has been operating (forecast for 2035). Completion of loan repayment (principal plus interest).
How to participate.
Via Fundeen. Those interested can download the "Fundeen" app or register on the www.fundeen.com website. They should create a profile as an investor and enter the Galatea Project (https://www.fundeen.com/proyecto/galatea) to reserve their investment without any commitment.
Once it is put into operation, the investment will become effective.
If there are any questions or queries, interested parties may contact info@fundeen.com.
About Endesa
Endesa is the largest electricity company in Spain and the second largest in Portugal. The company is also the second largest gas operator in the Spanish market. Endesa operates an end-to-end generation, distribution and marketing business. Through Endesa X it also offers value-added services aimed at the electrification of energy usage in homes, companies, industries and public administrations. A new business line has also been created, Endesa X Way, fully dedicated to electric mobility. Endesa is firmly committed to the United Nations SDGs and strongly supports the development of renewable energies through Enel Green Power España, the digitalisation of grids through e-distribution, and corporate social responsibility (CSR). The Endesa Foundation is also active in CSR. Our workforce numbers around 9,260 employees. Endesa is a division of Enel, Europe’s largest electricity group.
About Fundeen
Fundeen is a leading co-investment financing platform for investment in renewable energy projects in Spain. The objective of the company is to create viable sustainable energy generation projects in which all citizens may participate, providing comprehensive, clear and transparent information.
Fundeen is authorised by the CNMV and it is one of the leading providers of crowdfunding in Europe. The platform has been acknowledged with the BCorp seal, reserved for those companies with a positive impact on society. It currently has more than 13,600 registered users and has already financed the construction of solar power plants for a value of €7.6 million, resulting in avoiding the emission of more than 500 million tons of CO2 into the atmosphere.
Fundeen makes an in-depth analysis of all the projects in which it invests, choosing only the most suitable to be included on its platform.