Interview of José Antonio Caicoya, Partner at PPCP Legal & Finance

Cross-Border Legal Considerations for Renewable Energy Crowdfunding in France and Spain
Insights from José Antonio Caicoya, Partner at PPCP Legal & Finance

What are the main differences between Spanish and French regulations?

European crowdfunding is now governed by a harmonized regulation, which simplifies cross-border investments and reduces obstacles from national legislation. Spain and France still have some local specifics, but the European framework ensures high standards in terms of transparency, investor protection, and supervision.

What does this mean for investors?
The experience remains very similar—and above all secure—whether you invest from France or Spain.

However, the real differentiator isn’t local regulations but the quality of the projects and the robustness of the guarantees in place. In this increasingly unified environment, trust relies on solid project structuring and the reliability of the platform. At Enerfip, our role is to provide strong legal support to secure guarantees and protect investors.

How do you legally structure a crowdfunding raise for a renewable energy project in Spain?

At Enerfip, projects are often led by subsidiaries of established groups seeking bridge financing to develop or commission renewable energy infrastructure. Assets under development serve as solid collateral, which grows in value as the project progresses, naturally strengthening guarantees.

We use advanced tools to monitor technical and financial progress, anticipate issues, and implement corrective measures. For cross-border projects (e.g., in Poland or Italy), we work closely with top local law firms to ensure full legal compliance.

Additionally, we include restrictive clauses preventing the parent company from selling or pledging assets without Enerfip’s consent. This contractual lock provides enhanced protection of invested capital. While no setup eliminates all risk, our goal is to minimize it through robust legal architecture.

Are there local specifics regarding investor information documents?

Since the European crowdfunding regulation came into effect, investor documents have been standardized. Whether in Spain, France, or elsewhere, formats and content are consistent. This standardization allows investors to compare projects transparently, regardless of the issuer’s country.

Importantly, supervision is carried out by the platform’s home-country authority, not the issuer’s. At Enerfip, all operations are monitored by the French Financial Markets Authority (AMF), ensuring rigorous oversight even for foreign projects.

What are the critical legal aspects for securing cross-border offerings?

Legal security in a European market relies on three pillars:

1. Well-thought-out contractual structuring, adapted to local specifics.
2. Close collaboration with local law firms to ensure compliance.
3. Robust, enforceable guarantees.

One major challenge is enforcing guarantees or court decisions abroad. Although EU cooperation mechanisms exist, they can be complex and lengthy. That’s why structuring projects to ensure guarantees are enforceable under local law is essential. Enerfip always works with local legal experts to validate guarantee strength upfront.

Taxation remains the responsibility of individual countries: crowdfunding income must be declared according to the investor’s country of residence (Spain, France, etc.). A harmonized EU tax framework does not yet exist, though it may evolve in the future.

What are the main legal and operational challenges for renewable energy crowdfunding platforms?

Crowdfunding platforms operate in a dynamic and evolving environment, balancing financial innovation with growing regulatory requirements.

Cross-border operations are particularly challenging, often involving assets, project owners, and investors from different countries. This requires precise legal planning, knowledge of national regulatory frameworks, and smooth coordination with local experts.

Another challenge is balancing speed and legal rigor. Platforms that manage both effectively gain a competitive advantage in the renewable energy finance sector.

Is the current legal framework sufficient to support the growth of crowdfunding in the energy transition?

Yes, the European regulation has professionalized the sector, reassured investors, and allowed platforms like Enerfip to operate with institutional-level standards.

Crowdfunding is no longer limited to small startups or modest real estate projects—it is becoming a structured financing tool for large-scale energy transition projects, with legal frameworks as solid as those of major corporations.

However, the framework still needs to evolve to unlock the tool’s full potential: more regulatory flexibility, better cross-border digital and fiscal integration, and simplified enforcement of international guarantees.

The good news? The sector—platforms, investors, advisors—is already operating beyond minimum requirements, solidifying crowdfunding as a key pillar of the energy transition.