Udział kapitałowy czy udział w pożyczce — który z nich jest dla Ciebie odpowiedni?

Solar Plus Garden offers two ways to put money into the same 10 MW power plant. They are not two pricing tiers of one product. One makes you a co-owner for twenty-five years. The other makes you a lender for ten. They behave differently in good years and in bad ones, and the right choice depends on what you want your money to do — not on which headline number is larger.

This page compares them properly, including the part most comparisons skip: the years where the ranking flips.

The Two Formats Side by Side

The Conservative Loan, in Plain Terms

Udzielasz pożyczki kapitałowej po stałej cenie 10% annual rate, starting in Year 1 (2027), paid for ten consecutive years. At the end of Year 10 (2037) the full principal comes back in a single payment from a sinking fund set aside for exactly that purpose.

On €500, that is €50 a year for ten years — €500 of interest — plus your €500 principal returned. You receive €1,000 in total. The IRR is 10%, and it is 10% whether the sun over Vojvodina is generous or stingy, because the rate does not depend on production.

What you give up is everything above 10%. If regional electricity prices climb toward the higher end of the modelled range, the lender’s return stays exactly where it was.

Two conditions worth knowing. The project cannot accept loan participation in Phase 1 at all — this format opens in Phase 2, and the security behind it is company assets — real equipment with real value, but not a state guarantee or a deposit protection scheme.

And one more, which matters if this is the format you want: the loan tranche is capped. There is a limit to how much debt participation the project can take on, and it is available only up to that ceiling. Given that roughly €900,000 of the €1.1 million registered so far is pointed at exactly this format, the cap is likely to bind. If the fixed-rate option is what you came for, being on the waiting list before Phase 2 opens is the difference between participating and reading that it filled.

The Flexible Equity Share, in Plain Terms

You hold a proportional stake in project revenue from 2027 to 2051. There is no fixed rate. In a strong year you receive more; in a weak year, less.

Two features shape the shape of that return over time:

• The model is anchored to a conservative electricity price. The baseline is €56/MWh, deliberately below the regional SEEPEX average of around €66/MWh. The projection is built to be beaten rather than met.
• From roughly Year 12 the picture changes. Once the conservative loan tranche has been repaid and exits, the revenue that was servicing it becomes available to equity holders. Equity returns step up at that point rather than running flat.

The Comparison Nobody Makes Honestly

Here is the part that matters, and it is not flattering to the simple pitch.

At the conservative baseline price, the loan wins on IRR. The loan is a clean 10%. Equity at €56/MWh models out around 7.1% IRR, with cumulative cash flow turning positive around 2040. On a €500 stake, equity models to roughly €1,242 over the full twenty-five years — a 2.6× multiple — against the loan’s €1,000, or 2.0×.

So equity returns more money in total, but takes far longer to do it, and at the baseline price it earns a lower annualised rate. Equity only becomes the stronger choice on IRR if electricity prices come in above the conservative baseline — which is what the €66 and higher scenarios in the calculator exist to show — or if you value the post-Year-12 step-up and the twenty-five-year tail.

Across both formats and both price assumptions, projected returns sit in a 7–12% band. Anyone quoting you a single number for “the return” of this project has flattened something important.

Which One Fits You

The loan probably fits if…

• You want a defined outcome and a known end date.
• You would rather have your capital back in 2037 than a claim running to 2051.
• Predictability matters more to you than participating in upside.
• You are treating this as the stable portion of a wider portfolio.

The equity share probably fits if…

• You are investing on a genuinely long horizon and will not need the capital back.
• You want exposure to rising European electricity prices, not insulation from them.
• Co-ownership of a real, visitable asset matters to you beyond the arithmetic.
• You accept that a weak production year means a weak year for you.

Can you do both?

Yes. Nothing prevents splitting a participation across both formats once both are open — a loan position for the defined ten-year outcome and an equity position for the long tail. The minimum of €500 applies to each.

What Both Formats Share

• Funds held by an independent escrow agent and released against defined conditions.
• KYC and AML verification for every participant.
• The same route in: an authorised EU crowdfunding platform. See investing through SeedBlink.
• The same underlying asset: one 10 MW plant in South Vojvodina.
• The same two-company structure — Estonian holding, Serbian operating company. See Własność i przejrzystość.
• Illiquidity. Neither is listed, and neither can be sold on demand.

Before You Decide

The figures on this page come from the project’s financial model at its conservative baseline. The complete model — with the assumptions exposed rather than summarised — goes to people on the lista oczekujących inwestorów before any round opens. That is the document to make a decision on, not this page.

Zapisz się na listę oczekujących inwestorów →

Często zadawane pytania

Why is the loan only available after Phase 1?

The sequencing follows the build. Phase 1 raises equity to establish the project; the loan format opens once there is a built or ready-to-build asset for the security to attach to. The phase roadmap sets out the order.

Can I register interest in the loan now, before Phase 2?

Yes, and you should. Registering interest costs nothing, commits you to nothing, and is the only way you learn the moment Phase 2 opens. The project cannot accept loan money in Phase 1, but it can and does record who is waiting for it.

What does it mean that the loan is “partially available”?

The project can only take on a limited amount of debt. The loan tranche has a ceiling, and once that allocation is filled no further loan participation is possible in that phase. Equity is not capped in the same way.

What happens if the project underperforms badly?

Equity returns fall, potentially to nothing in a given year. The loan rate is contractually fixed and secured against company assets — but “secured” means there is an asset to claim against, not that repayment is risk-free.

Is the 10% taxed?

Interest is subject to tax in your country of residence. Distributions to shareholders are treated differently again. The Własność i przejrzystość page maps where tax applies at each step of the flow; your own position depends on where you live.

Can I move from one format to the other later?

They are separate instruments with separate documentation. Switching is not a feature of either — decide per participation, and split across both if you want both.

What is the BESS module in the calculator?

Battery energy storage, planned as Phase 3. It would let the project sell power when prices are highest instead of when the sun happens to be shining, which is why the calculator shows it as a multiplier. Its financing route is not yet fixed — see the roadmap.

This page is general information and a comparison of two participation formats. It is not an offer of securities, a solicitation, or investment advice. All figures are illustrative, drawn from the project’s financial model at stated assumptions, and may not be realised. Equity returns are variable and not guaranteed. Any investment is made only through the applicable authorised platform or agreement. Consider taking independent financial advice.