Distributed solar scale-up in Latin America — 70 MWp pipeline developed in a 50/50 joint venture with EDF, backed by long-term PPAs with Tier-1 offtakers.
Ongresso Energy AG is a Swiss-incorporated renewable energy developer founded in 2022, with operational teams embedded across Colombia, Chile, Peru, and Senegal. The company's dual mandate — developing solar photovoltaic (PV) assets and originating compliance-grade carbon offsetting programs — positions it at the intersection of two growing markets: clean energy infrastructure in emerging economies and Article 6 carbon finance under the Paris Agreement.
Rooted in over a decade of project development experience through its predecessor Ongresso Consulting, the company brings deep local market access that institutional partners in Switzerland and Northern Europe cannot easily replicate. This "best of both worlds" structure — local origination capacity combined with Swiss-based financial structuring and investor relationships — is the core competitive advantage the team presents to institutional investors.
Key milestone (2024): Formation of Brillo Renovables SAS ESP, a 50/50 joint venture with Électricité de France (EDF), one of the world's three largest utilities, to develop, build, own, and operate a 70 MWp solar portfolio in Colombia. As of July 2025, Final Investment Decisions (FIDs) have been executed on the first tranche of projects.
The cornerstone of the current investment opportunity is the 2024-established joint venture between Ongresso Energy and Électricité de France (EDF), the state-majority-owned French utility with 2024 revenues of EUR 118.5 billion and a global customer base of 41.5 million. Under the Brillo Renovables SAS ESP structure, each party holds a 50% stake, with EDF contributing capital parity, technical resources, and balance-sheet credibility that substantially de-risks the portfolio for third-party investors.
The JV's mandate is to develop, build, own, and operate a 70 MWp solar portfolio across Colombia's distributed generation (DG) and Commercial & Industrial (C&I) segments by the end of 2026. The model is structured for replication: following a successful first portfolio, the same platform — leveraging local refinancing post-construction — is designed to scale to 190 MWp without requiring new equity injections.
On 25 July 2025, the Brillo Board of Directors executed the Final Investment Decision (FID) for the first five mini-farm projects, with two immediately entering construction.
Électricité de France (EDF) is one of the world's three largest energy companies, founded in 1946 and majority-owned by the French state. Its stated corporate purpose is building a net-zero energy future.
The investment thesis is supported by a layered set of structural protections that address the most common risks associated with distributed renewable energy development in emerging markets, including counterparty credit quality, currency exposure, and construction execution.
As of July 2025, Ongresso Energy and its JV vehicle Brillo Renovables are progressing a 50.52 MWp pipeline across 11 project clusters representing a combined capital expenditure of USD 46.5 million. The portfolio is split between distributed mini-farm projects (1–2 MWp ground-mounted, grid-connected) and Commercial & Industrial (C&I) on-grid installations. All projects are structured with long-term PPAs concluded with creditworthy offtakers before Final Investment Decision.
| # | Project Name | Type | Offtaker | Location | Sub-projects | Size (MWp) | CapEx (USD) | Unlevered IRR | Exp. FID |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Refopanel | C&I | Refopanel | Zambrano / Bolívar | 1 | 1.80 | 1,400,000 | 30 Jan 2026 | |
| 2 | Veolia — Sincelejo | C&I | Veolia | Sincelejo | 1 | 6.00 | 3,900,000 | 30 Jan 2026 | |
| 3 | Portafolio Cencosud | C&I | Cencosud | Bogotá, Medellín, Cali, Montería, Cúcuta | 12 | 4.50 | 3,400,000 | 31 Aug 2025 | |
| 4 | Las Delicias | Mini-farm | Nitro Energy | Aguachica, Cesar | 1 | 1.37 | 1,280,000 | 25 Jul 2025 ✓ | |
| 5 | Las Bateas | Mini-farm | Nitro Energy | Aguachica, Cesar | 1 | 1.37 | 1,280,000 | 25 Jul 2025 ✓ | |
| 6 | Juan C Rengifo | Mini-farm | Nitro Energy | Valledupar, Cesar | 8 | 10.92 | 9,800,000 | 30 Jan 2026 | |
| 7 | Finca Dominó | Mini-farm | Nitro Energy | Valledupar, Cesar | 5 | 6.83 | 6,125,000 | 30 Jan 2026 | |
| 8 | Gisela Pupo | Mini-farm | Nitro Energy | Sincelejo, Sucre | 2 | 2.73 | 4,840,000 | 28 Nov 2025 | |
| 9 | Arianna Espinosa | Mini-farm | Nitro Energy | Since, Sucre | 4 | 5.46 | 4,840,000 | 28 Nov 2025 | |
| 10 | GES | Mini-farm | Nitro Energy | San Martín, Cesar | 4 | 5.46 | 4,840,000 | 26 Sept 2025 | |
| 11 | GES | Mini-farm | Nitro Energy | San Rafael, Cesar | 3 | 4.10 | 4,840,000 | 25 Jul 2025 ✓ | |
| Total / Weighted Average | 42 | 50.52 MWp | USD 46,545,000 | ~16.03% | |||||
Source: Ongresso Energy AG investor presentation (June 2025). Pipeline status as of July 2025. IRR figures are unlevered project IRR as stated by the developer. ✓ indicates FID already executed.
Ongresso Energy's model is structured to generate value and cash flows at multiple stages of the energy value chain — from project development fees through to long-term operating income — while complementing renewable energy revenues with carbon market monetisation. The three business units are designed to reinforce one another: carbon programs enhance project economics; the Investment and Financing unit structures the capital required to execute the renewable energy pipeline.
Article 6 of the Paris Agreement establishes a compliance-grade carbon market framework allowing governments to offset their national emissions through verified reductions abroad. Reduced emissions — measured as ITMOs (Internationally Transferred Mitigation Outcomes) — must demonstrate environmental integrity and avoid double-counting through corresponding adjustments authorised by both partnering governments.
Switzerland has signed bilateral carbon offsetting agreements with 13 countries in the Global South, with a stated intent to purchase over 43 million ITMOs by 2030. Sweden, Norway, Japan, and Singapore are implementing comparable frameworks. Ongresso's positioning as program originator in eligible host countries creates a scalable, per-unit revenue stream entirely independent of energy price movements.
Construction of the Brillo portfolio is financed through a Term Loan Facility (TLF) structured by Symbiotics MSME Bonds SA (Luxembourg) and distributed as a Green Bond. The TLF is denominated in Colombian Pesos (COP) to match project revenues and mitigate currency risk for the equity holders, with re-denomination into EUR planned at the refinancing date following successful construction completion.
Refinancing intent: The TLF is structured to encourage post-construction refinancing. Prepayment from project revenues carries a 0% penalty; prepayment before the refinancing date incurs a 2% fee; and prepayment at or after the refinancing date is again penalty-free. This incentive structure aligns lender and borrower interests around timely operational refinancing.
Currency mitigation: By originating the TLF in Colombian Pesos, debt service obligations are matched to COP-denominated PPA revenues throughout the construction phase, substantially reducing the currency risk that often characterises USD-funded infrastructure in emerging markets.
Ongresso Energy is raising USD 7 million in equity to finance its 50% share of the Brillo Renovables JV construction programme. The investment is made at the HoldCo level (Ongresso Energy AG, Switzerland) and confers a 24.2% equity stake in the company. Preferred shares with a revenue guarantee mechanism are available as an alternative structure for investors seeking enhanced downside protection.
Leverage mechanism: Equity investors benefit from the EUR 15M TLF secured in local currency, which amplifies returns by reducing the equity required per MW deployed. Combined with post-construction local refinancing, the model is designed to scale to 190 MWp without returning to equity markets.
Santi Capital is facilitating introductions to Ongresso Energy for qualified institutional investors. Contact us to begin the engagement process.
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