COFIDES supports Isigenere in its expansion in the U.S.

COFIDES will support Isigenere, an engineering and product development company specialized in floating solar systems, in its implementation process in the United States.

The company, creator of the patented Isifloating system, which allows partial or complete coverage of the water surface, plans to have a production line in the country, where it has established its first subsidiary. COFIDES will finance the investment in molds needed to manufacture these structures in the United States with €350,000 from the Fund for Foreign Investment Operations for Small and Medium-Sized Enterprises (FONPYME),

The operation will also benefit from the COFIDES Impact program, which promotes investment projects that have a positive impact on the SDGs. On this occasion, the price bonus on the financing of the variable sustainability component is linked to the projects having a socio-environmental impact with its Isifloating technology.

This project particularly contributes to the achievement of Sustainable Development Goal (SDG) 13, Climate Action, through its contribution to the fight against climate change.

The corporate director of COFIDES' Investment Department, Miguel Ángel Ladero, stressed that "investments in renewable energy projects have always been a priority for COFIDES because of the role they play in the transition to a 'green' economy. A premise that, in the case of Isigenere, is allied with two other key factors, innovation and technological commitment, which has allowed them to develop a leading system in the field of floating solar energy. We expect the United States, whose goal is to have 80% of energy production from renewable sources by 2030, to become a key market for the company's internationalization."

ISIGENERE's CEO, Andres Franco Jimenez, highlights: "the company's commitment to renewable energies, especially with floating photovoltaic plants that allow generating clean energy, taking it to places where there is no access or the cost is very high, and also avoiding the use of land for agricultural, industrial or residential uses, and reducing the evaporation of water so necessary in some areas. Isifloating is a Spanish technology that ISIGENERE with the support of COFIDES is taking to the U.S. market to contribute to the energy transition in that market."

ABOUT ISIGENERE

Isigenere is an engineering company founded in 2008 and based in Alicante that has developed the patented Isifloating product, a floating solar system for photovoltaic panels, a pioneer given that the oldest plant built dates back to 2009. The Isifloating system allows partial or complete coverage of the water surface (bottom and slopes), and can be used in irrigation or industrial ponds, reservoirs, hydroelectric or water treatment plants, mining lakes, etc. respecting the environment and providing renewable energy close to the end users or connecting it to the electrical system.

ABOUT COFIDES

COFIDES is a state-owned commercial company specialized in managing State funds that provides financing for private investments to achieve various public policy objectives. For over three decades, it has been managing resources aimed at supporting the internationalization of Spanish companies, and since 2021, the FONREC, a fund aimed at strengthening the solvency of Spanish companies severely affected by the COVID-19 pandemic. COFIDES has been assigned the direct management of two new financial instruments: the Co+-investment Fund (FOCO), to attract foreign investment to Spain in activities mainly linked to green and digital transitions, and the Social Impact Fund, aimed at reinforcing the national ecosystem of impact investment. Additionally, COFIDES supports the Spanish Agency for International Development Cooperation (AECID) in managing financial cooperation resources. The Spanish state owns 53% of the capital, while the remaining 47% is held by Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and the Development Bank of Latin America and the Caribbean (CAF).