WHAT AM I GOING TO INVEST IN?

Moneleg S.L. is requesting €600,000 in financing to cover working capital needs related to the acquisition, verification, and subsequent sale of a batch of 5 GWh (5,000 MWh) of Energy Savings Certificates (ESCs).
 
An Energy Savings Certificate (ESC) is a document that certifies energy savings achieved through an energy efficiency improvement (such as enhanced insulation, HVAC system upgrades, LED lighting replacements, etc.). Companies that are legally required to meet annual energy savings targets (referred to as Obligated Parties) can purchase these certificates to offset part of their obligations, in a way that resembles the carbon emissions trading system.
 
Moneleg operates in this process as a Delegated Entity duly registered in the Energy Savings Certificates system. Its role consists of acquiring the rights to the energy savings generated by third parties (such as installers or end users), managing the technical verification and official registration at the national level, and subsequently transferring the certificates to the Obligated Parties (energy companies that must comply with annual energy savings quotas mandated by regulation).
 
The requested financing is intended to cover the cash flow cycle between the moment Moneleg acquires the ESCs (and pays the installer or original owner) and the moment it receives payment from the Obligated Party. This cycle is governed by a structured administrative process, including technical verification, resolution by the regional authority, and national registration, with an estimated duration ranging approximately from 40 to 90 days.
 
Although ESCs do not directly represent emission reductions, they enable the monetization of the benefits from energy efficiency actions in advance, facilitating reinvestment into new interventions. In this way, the system serves as a mechanism to incentivize investment in energy efficiency, helping to stimulate the sector and deliver significant environmental benefits.
 

What is a CAE?

System Functioning and Moneleg’s Role as a Delegated Entity
(Link to the system presentation on the website of the Ministry for the Ecological Transition and Demographic Challenge)
 
The Energy Savings Certificates (ESCs) system was introduced in Spain in 2023 as a complementary mechanism to the National Energy Efficiency Fund. Its objective is to promote investments in energy efficiency through the issuance of certificates that verify final energy savings. Each ESC corresponds to 1 kWh of annual energy savings, officially verified and certified by an accredited entity.
 

The system operates through various agents. On one side, the energy savings owners—whether individuals, companies, or community organizations—carry out energy efficiency measures (such as insulation upgrades, solar panel installation, or replacement of machinery or boilers with more efficient alternatives). On the other, the Obligated Parties—energy retailers, gas operators, or petroleum product distributors—are legally required to meet annual energy savings targets. To do so, they may purchase ESCs issued from the activities carried out by the former.
 
Between these two actors are the Delegated Entities, such as Moneleg, who act as specialized intermediaries. Their role is to acquire the rights to the energy savings generated, manage technical verification, register the ESCs with the national registry, and ultimately transfer them to the Obligated Parties with whom they hold contractual agreements.
 
Moneleg plays a dual role in this system:

• On one hand, it directly generates ESCs from its own activities, given its operations as an electrical installation and energy efficiency company.
• On the other hand, it has signed framework agreements with third parties who are not accredited as Delegated Entities but whose clients carry out activities eligible for certification. These partners include:
• Installation companies in the electrical and HVAC sectors.
• Electric vehicle dealerships (such as Toyota, Peugeot, and Mercedes).
• Homeowners’ associations, hotels, private hospitals, and other entities that have undertaken or are planning energy efficiency investments and have entrusted Moneleg with the management and registration of ESCs to recover part of their investment.

On the sale side, Moneleg has entered into ESC transfer agreements with several Obligated Parties, including companies such as Repsol, Shell, Moeve, Escandinavia Electricidad, and Elega Energía—the latter belonging to the same corporate group. To strengthen its placement capacity in the market, Moneleg also collaborates with specialized brokers who channel demand from other Obligated Parties with whom it does not yet have direct agreements.
 
This mixed approach—combining in-house activities with third-party acquisition agreements, along with pre-arranged contracts with end buyers—creates a structured and diversified value chain. Within this framework, the requested financing serves as a working capital instrument to scale up the volume of operations in a regulated system, with clearly defined counterparties at both origin and destination.

Regulatory framework

Applicable Regulations and Legal Certainty

The Energy Savings Certificates (ESC) system is based on a robust and clearly defined legal framework, offering certainty to all participating stakeholders, including investors operating within this environment.
 
Its regulatory foundation is structured across several levels:

• Law 18/2014 of October 15 established the National Energy Efficiency Fund (FNEE), creating a system of obligations for certain energy sector operators aimed at promoting measures to reduce final energy consumption.
• Royal Decree 36/2023 of January 24 formally established the Energy Savings Certificates System, introducing a framework inspired by similar schemes in countries such as France and Italy. This decree defines the system’s operation, participating entities, requirements for issuance and transfer of ESCs, and responsibilities regarding verification, validation, and registration.
• Ministerial Order TED/815/2023 of July 18 regulates the operational aspects of the system, including procedures for the recognition of savings, the conditions energy efficiency actions must meet, the minimum content of ESC files, and the use of the digital platform for managing applications.
• Ministerial Order TED/845/2023, also dated July 18, approves the Catalogue of Standardised Measures, which contains predefined technical data sheets for commonly implemented energy efficiency actions such as lighting upgrades, envelope improvements, and replacement of thermal systems.

Regarding administrative timeframes, the procedure is governed by specific regulations that ensure traceability and temporal certainty. The key milestones in the process, along with their legal references, are as follows:

• Verification of energy savings: conducted by entities accredited by ENAC. There is no legally fixed deadline, but the process is typically completed within 2–3 weeks.
• Validation by the Regional Administrator (Article 13.2 of RD 36/2023):
• 15 business days for standardised actions.
• 30 business days for unique (non-standard) actions.
• Amendments (Article 13.3 of RD 36/2023):
• If the file contains errors or omissions, the applicant has 10 business days to correct them.
• Registration in the National ESC Registry (Article 13.6 of RD 36/2023):
• Up to 20 business days from the application date (for standardised actions).
• Up to 35 business days (for unique actions).
• Transfer of ESCs to the Obligated Party (Article 14.2 of RD 36/2023):
• Must be reported to the National Coordinator within 5 business days after the sale agreement is executed.

These deadlines allow for an estimated average processing time of 40–90 calendar days per ESC file. Furthermore, the entire process is fully digitalised and monitored by the National Coordinator of the ESC System (Directorate-General for Energy Planning and Coordination at MITECO), which strengthens traceability and transparency.
 
Overall, the existence of a clear regulatory framework—combined with electronic processes, accredited agents, and responsibilities distributed among various administrative bodies—provides a solid legal foundation and reasonable predictability of timelines, supporting the soundness of the proposed operation.

Qualitative scoring and financial scoring

ENERSCORE+ & EASYSCORE EXPERT INTEGRATED

Ener2Crowd provides an initial qualitative parameter called “EnerScore+”, which is assigned to each investment opportunity. This score offers an objective, comprehensive, and easy-to-understand summary of all technical characteristics of the project, including an ESG rating expressed in CLASSES and an assessment of the activated SDG (Sustainable Development Goals) indicators.
 
A specific financial rating is also provided under the name “Easyscore Expert Integrated”, based on a credit risk assessment conducted by Experian-Axesor and Informa D&B (Dun & Bradstreet), which evaluates the creditworthiness and financial strength of the Project Owner company.
 
Experian-Axesor and Informa D&B (Dun & Bradstreet) are leading providers of business information in Spain, specialising in credit risk management, fraud prevention, and data analytics for businesses and financial institutions. They are duly registered and authorised in compliance with applicable regulations.
 

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Interest rate

In recent months, the European macroeconomic context has shown signs of easing inflation, following two years marked by price pressures. In response to this scenario, the European Central Bank has initiated a gradual reduction in interest rates, after a prolonged period of restrictive monetary policy. This shift aims to support economic growth and facilitate access to credit for households and businesses, thereby reducing financing costs. The goal is to stimulate domestic demand and promote financial stability in a still uncertain environment, shaped by global geopolitical dynamics and the ongoing energy transition. The new monetary policy cycle opens more favorable prospects, but requires a prudent assessment of risks, in a context where economic forecasts remain subject to frequent revisions.

Taxation of interest

In accordance with current regulations, the interest generated by this operation is subject to taxation depending on the investor’s tax residency and legal status:

• For individuals who are tax residents in Spain, the interest is considered investment income and is subject to a 19% withholding tax applied at the time of payment.
• For legal entities resident in Spain, the interest is included in the taxable base of the Corporate Income Tax and is also subject to a 19% withholding tax as a payment on account.
• For investors who are not tax residents in Spain, whether individuals or legal entities, the interest is generally subject to a final withholding tax of 19%, in accordance with the provisions of the Consolidated Text of the Non-Resident Income Tax Act (Royal Legislative Decree 5/2004).

 
You can find more information in your Private Area, under the "Taxation" section.
In any case, we recommend consulting a tax advisor to assess your individual situation.