Triodos Bank closes its second project finance for rooftop solar with Recap Energy and Evli

May 30, 2023 | News

  • The transaction worth 25 million euros, will finance the transaction of 40-50 MW of photovoltaic facilities for self-consumption by over 40 companies in Spain and Portugal.
  • The financed company will sign long-term power purchase agreements (PPAs) with the commercial and industrial companies.
  • By the end of 2022, Triodos Bank has co-financed 611 projects in the renewable energy sector, with a total generation capacity of 9,100 MW.


Triodos Bank, a European leader in ethical and sustainable banking, has closed a new transaction project financing arrangement worth 25 million euros, with which it will finance the second non-recourse project finance for rooftop solar for Recap and Evli, a Swedish and Finnish company respectively, which provide, among other services, clean, flexible, customized, and fully financed energy solutions for commercial and industrial companies in Spain and Portugal.

The produced electricity is sold through long-term power purchase agreements (PPAs) with energy consumer companies (off-takers). In the business model, the contracts will be standardized for all facilities, and mechanisms have been designed so that they provide flexibility for the modification of the portfolio of facilities and off-takers. Once the power purchase agreement has ended, typically after 15 years, the installation will become the property of the consumer company with which the PPA contract was signed.

The portfolio will consist of more than 40 photovoltaic plant installations that will be built between 2023 and 2024 in sectors including food, construction, recycling, or the pharmaceutical industry, among others. The facilities will have a total capacity of 40-50 MW and an expected production of 60 GWh per year.

Miguel Angel Amores, Renewable Energy and Environmental Technologies Manager at Triodos Bank Spain, has highlighted the innovative financing as, “thanks to the size and diversification of the portfolio, we can make a project financing without recourse to the partner and without the need for energy consumer companies to have great financial solvency. Likewise, long-term energy sales contracts allow companies to immediately reduce their energy costs without making investments or taking on debt. In this way, we facilitate decarbonization for all types of companies, which is key to accelerating the energy transition.”

Marco Berggren, Founder and CEO of Recap Energy continues, “Recap has since 2017 been providing flexible financial solutions for commercial and industrials to reduce their energy costs through the rooftop solar PPA solution. By offering an off-balance financing to the commercial and industrials they can enjoy the savings of a solar plant without affecting the investment budgets in their own business. We are very happy to have Triodos Bank and Evli by our side in this business to support the energy transition of the industry in Spain and Portugal”.

According to Daniel Pasternack, portfolio manager at Evli, Finland “this collaboration is a great opportunity for us to continue working together with Recap and expand the previously proved business model to the next level. Providing self-consumption solar PV plants to clients in different industries, without the need for an initial investment from the consumer, is one important way to make the whole energy system sustainable. We are very happy that Triodos is enabling this expansion”.

IDCM has acted as financial advisor on the transaction, the law firms Gómez-Acebo & Pombo and Montero Aramburu have acted as legal advisors for the transaction and Enertis Applus+ has acted as the technical advisor for the transaction.

Financing the transition towards a sustainable economy
Triodos Bank’s commitment to renewable energy has been present since the bank’s foundation and is essential for driving the transition towards a carbon-free, fair, and sustainable energy system. By financing energy projects solely from renewable sources, the ethical bank demonstrates the essential role of the financial sector in transforming the energy system to one that exclusively supplies the grid with diverse renewable sources and technology. Until 2022, Triodos Bank has co-financed 611 renewable energy projects, with a total generating capacity of 9,100 MW, equivalent to the electricity needs of 7.4 million homes.

Rooftop solar, a tool for a fair energy model
Triodos Bank supports access to modern energy technology to address the challenges of climate change, both in terms of decarbonization and access to energy, to avoid inequality and environmental degradation.For the bank, rooftop solar is an effective formula for achieving a decentralized and socially just energy model, and Triodos Bank supports initiatives in this area, both for companies and individuals.
In this regard, in 2021 the bank closed its first project finance for rooftop solar with Younergy, a Swiss company with experience in the development and management of photovoltaic installations for businesses, with a portfolio of 10 newly built installations and a peak project capacity of 3,951 kWp. For individuals, the bank has done a great job creating specific products to finance energy transition in communities.
Furthermore, Triodos Bank offers a comprehensive range of solutions to promote self-consumption and energy transition for both individuals and companies, adapted to their needs, with specific and adaptable financing for each project.


About Recap Energy
Recap Energy is a Swedish company that offers flexible, customized, and fully financed clean energy solutions to C&I customers. In addition to Sweden, Recap operates in Spain, Portugal, Colombia, Brazil, and India with three different business areas, rooftop solar, small scale ground mounted solar and energy storage. Leveraging deep technical-commercial knowledge and strong financial expertise, Recap’s projects combine Energy-as-a-Service solutions to their corporate clients. Within energy storage Recap offers Battery-as-a-Service by the hour to industries, allowing them to only pay for the battery capacity when they actually use it.

About Evli
We see wealth as an engine to drive progress. We draw on our heritage, broad expertise and Nordic values to grow and manage wealth for institutions, corporations and private persons in a responsible way.
We are the best fund house in the Nordics1 and the leading asset manager in Finland2 offering a broad range of services including mutual funds, asset management and capital markets services, alternative investment products, equity research, share plan design and administration as well as Corporate Finance services. Responsible investing is integrated in every investment decision and our expertise is widely acknowledged by our clients. Evli has Finland’s best expertise in responsible investment3.

Evli Group employs around 300 professionals and Evli has a total of EUR 16.7 billion in client assets under management (net 3/2023). Evli Plc’s B shares are listed on Nasdaq Helsinki Ltd.
1 Lipper Fund Awards 2023.
2 Morningstar Awards 2023 (c). Morningstar, Inc. All Rights Reserved. Awarded to Evli for the Best Fund House in Finland. Kantar Prospera External Asset Management Finland 2015, 2016, 2017, 2018, 2019, 2021. Kantar Prospera Private Banking 2019, 2020 Finland.
3 SFR Scandinavian Financial Research Institutional Investment Services Finland 2021, 2022.

About Triodos Bank
Triodos Bank is an independent European bank founded in 1980, a reference in ethical and sustainable banking. Its banking business model is based on transparency and combines financial profitability with social and environmental profitability.
It operates in the Netherlands, Belgium, the United Kingdom, Germany, and Spain under the supervision of the Dutch Central Bank and the Dutch Financial Markets Authority. In Spain, the Bank of Spain supervises Triodos Bank in matters of general interest, liquidity, transparency, and customer protection for banking services. Triodos Bank also operates in more than 40 countries in Africa, Asia, Latin America, and Eastern Europe through its investment funds and microcredits.
Triodos Bank is a co-founder of the Global Alliance for Banking on Values, a network of 56 sustainability-leading banks worldwide that promote a renewal of the financial system from a sustainable approach.


For more information:

  • Triodos Bank
    Carmen Solís
    Press and Institutional Relations Manager
    Tel. 91 769 85 62 | 647 818 307
  • Recap Energy
    David Alcocer
    Marketing Communications Specialist
    Tel: +46707885394