Solar Future Fund

It's a CMVM-regulated climate fund investing in Portugal's energy transition, focused on solar energy-as-a-service projects under 1 MW and battery storage facilities to deliver stable, risk-adjusted returns.

The Solar Future Fund is targeting a €20 million capital raise from investors.

A one-time contribution of €500 000 qualifies as the minimum investment threshold.

The fund's minimum subscription per ticket is set at €250 000.

It applies a 2% per annum management fee, a one-time 1.5% subscription fee, and carried interest split of 20% to the fund manager and 80% to investors.

The fund offers a preferred return of 5% to investors before any carried interest is applied.

With capital preservation as its primary aim, the strategy prioritizes collateralized project financing, rapid capital deployment, collateralized contracts, high diversification across projects and geographies, dividend-yielding assets, low complexity execution, and straightforward exit mechanisms.

It invests in distributed solar installations under 1 MW per project, structured under Energy-as-a-Service (EaaS) contracts, alongside utility-scale battery storage to provide grid flexibility.

Investors anticipate a 4% annual cash dividend beginning in Year 2, with an excess profit distribution at maturity targeting a net 8% IRR over the life of the fund.

The vehicle spans seven years (Year 0–7), with upfront capital deployment, preferential 4% dividends annually from Year 2, and full return of capital plus profit distribution at maturity.

Investment strategy and investor support are provided by Tejo Ventures (General Partners Julian Johnson & Yann Rey), while Green One Capital fulfills regulated oversight and CMVM compliance.

Building on Fund One's success, the team deployed a €2.5 million tranche into 19 solar and battery projects (3 MW total) across Portugal in partnership with CleanWatts.

Risk is mitigated through portfolio diversification across small-scale projects, collateralized financing and contracts, subscription-based revenue models, low market volatility in EaaS, and stringent regulatory oversight.

RECs pair an anchor client (e.g., schools, hospitals) under long-term PPAs with community members; excess clean energy is virtually allocated or sold back to the grid, creating local social and environmental benefits.

In addition to its investments, the fund donates 1% of its revenue to ClientEarth—a global nonprofit using legal tools to protect the environment—and supports community-focused clean energy initiatives.