Ayagaures Medioambiente has launched a crowdfunding campaign for its new hybrid wind-photovoltaic farm in Agüimes. The initiative, promoted through the regulated platform Fundeen and registered with the CNMV, seeks to raise more than one million euros from small investors—primarily residents of the municipality and employees of the development group—with a promise of a fixed annual return of 7% backed by a bank guarantee.
This type of citizen financing has gained ground in the energy sector as a way to encourage local participation in renewable energy projects. However, experts in commercial and financial law recommend carefully reading the terms and conditions and fully understanding the scope of the product before investing. In other renewable energy projects, the company owned by director Antonio Díaz—a subsidiary of Grupo Pérez Moreno (GPM)—did not resort to this participatory democracy formula to purchase Pegasa's stake from IDAE after GPM was awarded the contract for repowering with Enercon windmills, tendered by the company managing the Las Gaviotas windmill plant for €8,3 million.
The formula used would not grant political or corporate rights or equity participation in the company or park. It is a legal loan relationship: the investor acts as a creditor, not as a co-owner. Therefore, they are not involved in future decisions regarding capital increases, possible corporate changes, or commercial strategies. Although the bank guarantee would offer an additional layer of security, its execution may require legal procedures in the event of a dispute, which entails costs and timescales that should be considered. From a legal perspective, a return "guaranteed" by contract constitutes a payment obligation—that is, a debt—not an investment in the strict sense. As with any contractual obligation, there is the possibility of incidents arising if the project conditions, the regulatory framework, or the solvency of the parties involved change.
For this reason, various analysts advise retail investors to assess their level of financial knowledge and the required time commitment before committing their capital. Similar projects in Europe have sparked regulatory debate. In countries such as France, Italy, and Germany, there have been cases where small investments in renewable energy did not return on investment within the initially anticipated timeframe, prompting regulatory improvements to increase transparency and protection for retail investors.
These precedents do not imply a judgment on the Canary Islands model, but they do provide valuable lessons about the importance of prior information, a detailed reading of contracts, and an analysis of real risk. Geographical or emotional closeness to a project does not always equate to greater control or lower risk. As with any savings or investment initiative, it is recommended to obtain thorough information, consult with independent advisors if necessary, and avoid committing resources that you are not willing to commit for the expected period.
