Benoît Collas and Eduardo Calderón Explain the Opportunities and Challenges of the Spanish Market

Benoît Collas, Business Developer at Enerfip, and Eduardo Calderón, CEO of Enerfip Iberia, provide an overview of the challenges and opportunities for financing renewable energy (RE) in Spain through responsible investment.

What motivated the choice of Spain as Enerfip’s new market?

Benoît: For our very first international venture, Spain naturally stood out. There was real consensus internally: it’s close to Montpellier, with a Mediterranean culture we’re familiar with. But above all, the renewable energy market there is huge and highly dynamic. At the time we launched, crowdfunding was beginning to emerge in public tenders, which opened real opportunities. In short, all systems were go.

How do you see responsible investment supporting the energy transition in Spain?

Eduardo: There’s clearly a gap to fill, and that’s exactly what we’re doing with Enerfip. In Spain, small and medium project developers are often very active in development, but they don’t always have the cash flow to complete their projects. Traditional bank financing focuses on large projects because they are more profitable. The result? Small projects—essential for network stability and flexibility—often get left behind.

Citizen investment allows projects to move forward without waiting for a bank. This wasn’t really available for smaller projects in Spain before. That’s where we step in! We provide equity quickly, enabling projects to launch faster. Once the projects are well underway, they can more easily access long-term bank financing, often from local institutions.

What are the main challenges when expanding Enerfip internationally?

Benoît: The good news is that we quickly found a highly competent CEO (Eduardo Calderón) who now leads Enerfip in Spain. This local stability from the start has been a real asset.

But, as with any launch, there were obstacles. The financing tool we used in France—simple bonds—wasn’t fully compatible with Spanish law. We had to adapt. With the help of a local law firm, we developed a new tool: crowdbonds, specifically designed to meet local requirements.

How does Enerfip Iberia position itself compared to other renewable energy financing players in Spain?

Eduardo: Clearly, we are today the most reliable and solid solution on the Spanish market. Concretely, we are the only ones able to regularly raise over €1 million per project.

Our model is tailored to meet the specific needs of the local market. While some platforms offer long-term equity investment, we provide bridge financing over shorter periods. This directly addresses the needs of Spanish project developers who often require a quick cash injection. We act as an accelerator, whereas others offer more rigid or less adapted formats. In short, our approach is very different from other crowdfunding players.

What makes the Spanish renewable energy market different from France?

Benoît: One word: size. The Spanish renewable energy market is much larger. But it’s not just about volume! There are also structural differences. In Spain, the main challenges are grid connection, storage, and price volatility, which are largely market-driven. In France, the model is more regulated, with a strong state role through support schemes like feed-in tariffs or contracts for difference.

Is the Spanish market more mature or more opportunistic than the French market?

Eduardo: I would say it’s not fully mature yet, but it’s clearly moving in the right direction. Crowdfunding platforms initially focused on real estate—that attracts attention first. But the energy transition is gradually arriving! Spain is one of the most advanced countries in Europe in this regard, just behind Germany. Our potential is huge, with strong installed capacity in solar, wind, biogas, and green hydrogen. There’s still work to do, but the foundations are solid.

Which types of renewable energy projects are most promising in Spain today?

Eduardo: Right now, we clearly see strong momentum around smart grids. The idea is to optimize production and consumption at each installation. Spain already has significant installed capacity, but the grid isn’t yet capable of fully utilizing it. There’s a real need for storage solutions to balance the system.

How can responsible investment accelerate the energy transition in Spain?

Benoît: It can play a key role. Spain needs to mobilize very large volumes of capital for its energy transition, but citizen financing remains underdeveloped. Local banks generally favor large-scale projects, leaving smaller—but essential—initiatives aside.

These human-scale projects, like those we finance at Enerfip, help mesh the territory and accelerate the transition. That’s exactly where citizen investment makes sense: it fills a gap, directing savings toward useful, concrete, and sustainable projects.

Have you identified particularly dynamic regions for renewable energy?

Eduardo: Spain is highly decentralized; autonomous communities hold significant power. Some, like the Balearic Islands, Catalonia, and Navarre, have already implemented supportive frameworks for the energy transition. These are not yet national regulations, but they show a real willingness to move forward.

That said, this division of powers between local and central government can also complicate matters. Projects under 50 MW are managed locally, while larger projects fall under the central government. This two-tier system can sometimes lead to administrative delays.

How does Enerfip support French investors who want to fund Spanish projects?

Benoît: Today, most of our investors in Spain are actually French (about 90%)! We simplify access as much as possible: all documents are translated, and we take the time to explain the Spanish market, tax aspects, and more. In short, we guide European investors so they can invest with confidence.

Do Spanish investors have different expectations than French investors?

Eduardo: Yes, definitely! Spanish investors are generally less focused on sustainability. Their main priority is profitability: rate, duration, return. Environmental or social impact isn’t yet a decisive criterion for them. We see this changing, but Spain isn’t at the same level of maturity as France in this respect.

What advice would you give to investors looking to enter the Spanish renewable energy market?

Benoît: Investing in Spain is an excellent opportunity to diversify your portfolio while contributing to the energy transition in a rapidly growing country. Spain is full of opportunities, and at Enerfip, we make them accessible and clear for our investors.

What are your ambitions in Spain over the next 3–5 years?

Eduardo: Our ambition is clear and structured around three axes:

1. Consolidate our position on the Iberian Peninsula by supporting project developers to meet the PNIEC objectives.
2. Act as a bridge to Latin America from our Madrid base—we are already working on two projects in Colombia, so we’re on the move!
3. Diversify our technology portfolio, focusing on storage, hydrogen, and biogas, which are booming sectors in Spain.