© 2025 Black Man­ta Cap­i­tal Part­ners S.à r.l.

Tok­enized Solar Bonds

Senior unse­cured tok­enized invest­ment in a 9.6 MWp Ger­man Agri-PV project via a tok­enized solar bond

Sus­tain­able ener­gy meets dig­i­tal finance. For sus­tain­abil­i­ty-ori­ent­ed allo­ca­tors, this is a 600,000 EUR tok­enized, real infra­struc­ture backed oppor­tu­ni­ty. Cre­at­ing expo­sure to a short-dura­tion 6‑month work­ing cap­i­tal tok­enized Bond issued by the reput­ed Vin­do Solar B.V. for a 9,6 MWp Agri-PV project with mul­ti­ple exe­cu­tion safe­guards in place.

Vin­do Solar B.V. is build­ing a 9.6 MWp solar PV project in Großglat­tbach, Ger­many. This project inte­grates fixed and sin­gle-axis track­ing sys­tems in an Agri-PV con­fig­u­ra­tion. The tok­enized bond rais­es 600,000 EUR in work­ing cap­i­tal to cov­er con­struc­tion and EPC-BoS (Engi­neer­ing, Pro­cure­ment, Con­struc­tion — Bal­ance of Sys­tem) relat­ed exe­cu­tion costs. The STO is man­aged with full com­pli­ance under MiFID II by Black Man­ta Cap­i­tal Part­ners and the orig­i­na­tion man­aged & facil­i­tat­ed by Penomo B.V.

HIGHLIGHTS

Proven Team: Vin­do Solar has com­plet­ed over 100 projects total­ing 500+ MWp across 8 countries.
Work­ing cap­i­tal deployed for com­ple­tion of a Ger­man Agri PV instal­la­tion with grid access secured via Ger­many’s state-run ener­gy reg­u­la­tor — BNet­zA — ensur­ing reli­able offtake.
Struc­tured for High Net Worth Indi­vid­u­als, Asset Man­agers to access fixed-yield renew­able ener­gy deploy­ment via a short-term, frac­tion­al exposure.
High-Impact Ener­gy: Esti­mat­ed pro­duc­tion >10 GWh/year, con­tribut­ing to CO₂ sav­ings of ~7,000 t/year.
Accel­er­at­ed Time­line: Con­struc­tion begins Sep­tem­ber 2025 with com­mis­sion­ing by Jan­u­ary 2026.

PROJECT OVERVIEW

The 600,000 EUR raised will sup­port exe­cu­tion of a signed EPC-BoS con­tract for the Großglat­tbach solar PV project.

 

The cap­i­tal will be used for sup­pli­er pre­pay­ments, project exe­cu­tion, and site mobi­liza­tion. Con­struc­tion is sched­uled for Sep­tem­ber 2025 — Jan­u­ary 2026, enabling the site to feed clean elec­tric­i­ty into the medi­um-volt­age grid by Q1 2026. Investors ben­e­fit from fixed returns, expo­sure to reg­u­lat­ed infra­struc­ture, and align­ment with EU Green Taxonomy.

LOCATION OF THE PROPERTY

• Site: Großglat­tbach, Baden-Würt­tem­berg, Germany.

 

• Grid Con­nec­tion: Medi­um volt­age line via Netz BW GmbH.

 

• Design: 13,552 bifa­cial mod­ules on fixed and sin­gle-axis track­ers, Agri-PV layout.

 

• Com­pli­ance: VDE-AR‑N 4110 and DIN EN standards.

ABOUT THE ISSUER

Vin­do Solar B.V., head­quar­tered in Utrecht, Nether­lands, is a fam­i­ly-owned engi­neer­ing, pro­cure­ment, and con­struc­tion (EPC) com­pa­ny that is active through­out the Nether­lands, Ger­many, Bel­gium, and wider Europe, as well as in select emerg­ing markets.

 

With over 500 MWp of installed solar capac­i­ty and more than 100 projects deliv­ered, Vin­do Solar is a lead­ing EPC and solar devel­op­ment com­pa­ny. The firm pro­vides turnkey pho­to­volta­ic sys­tems for com­mer­cial and util­i­ty-scale clients, includ­ing Vat­ten­fall, BMW, Ama­zon, and Total­En­er­gies. Its deep engi­neer­ing exper­tise and proven exe­cu­tion enable the com­pa­ny to sup­port clean ener­gy deploy­ment under both pub­lic and pri­vate mandates.

 

The com­pa­ny’s way of work­ing is based on core val­ues: hon­esty, safe­ty, team­work, and qual­i­ty. These prin­ci­ples are inte­grat­ed into its dai­ly oper­a­tions on every job site and with every part­ner. Vin­do Solar B.V. holds ISO 9001 (Qual­i­ty), ISO 14001 (Envi­ron­men­tal), and ISO 45001 (Occu­pa­tion­al Health & Safe­ty) cer­ti­fi­ca­tions and applies these stan­dards dai­ly. The com­pa­ny also adheres to a strict code of con­duct for eth­i­cal, HSE, and fair labor practices.

 

From project plan­ning to on-site exe­cu­tion, Vin­do Solar B.V. pri­or­i­tizes health and safe­ty, envi­ron­men­tal respon­si­bil­i­ty, and clear com­mu­ni­ca­tion. Clients trust the com­pa­ny because it deliv­ers on its promis­es, adapts to chal­lenges quick­ly, and builds with care. Vin­do Solar’s rep­u­ta­tion for qual­i­ty and com­pli­ance was rec­og­nized when it was rat­ed “Best EPC of 2023” by Hydro Rein.

Finan­cial Information

KPI snap­shots

• Gross mar­gin: ~25.3% (2022), ~31.1% (2023), 36.5% (2024), 47.5% (2025 YTD). 

• Sol­ven­cy (Dec 31): Equity/Total assets 29.5% (2022); ~60.6% equi­ty vs 39.4% lia­bil­i­ties by Dec 31, 2024 (D/E ≈ 65%).

Key Trends

• Mar­gin expan­sion despite rev­enue compression:

Gross mar­gin stepped up from ~31.1% (2023) to 36.5% (2024) and ~47.5% (2025 YTD), indi­cat­ing pric­ing power/mix improve­ment and tighter cost control.

• Con­sis­tent oper­at­ing profitability:

Pos­i­tive oper­at­ing result in each peri­od  €234k (2023) > €242k (2024) > €191k YTD (Aug-2025) — show­ing resilient core earn­ings even through a tran­si­tion period.

• Improv­ing liq­uid­i­ty posi­tion vs. pri­or year:

2024 cash and near-cash increased vs. 2023 (and cur­rent lia­bil­i­ties dropped sharply in 2024), low­er­ing short-term pres­sure while main­tain­ing going-con­cern footing.

• Oper­a­tional discipline:

Opex lines (staff, con­sult­ing, mar­ket­ing, office, trav­el) remain con­trolled rel­a­tive to gross prof­it growth in 2024 and 2025 YTD, sup­port­ing oper­at­ing leverage.

Vin­do Solar 2025‑I Token

Vol­ume

EUR 600,000

For Pro­fes­sion­al Investors from

Europe

Issuer Vin­do Solar B.V.
Juris­dic­tion The Nether­lands
Instru­ment Type Bear­er Bond
Total Invest­ment Volume €600,000
Min. Invest­ment Amount per Investor €100,000
Max. Invest­ment Amount per Investor €600,000
Coupon 8% p.a.
Term 6 months
Coupon Pay­ments Month­ly
Prin­ci­pal Repayment At matu­ri­ty (6 months)
Denom­i­na­tion €1.00
Accept­ed Currencies EUR, USD, USDC
Dis­tri­b­u­tion Fee* Up to 2%

* The dis­tri­b­u­tion fee cov­ers tech­no­log­i­cal improve­ments, employ­ee train­ing, etc.

For gen­er­al ques­tions about Secu­ri­ty Token Offer­ings please read our FAQs or Con­tact us.
Investor Doc­u­men­ta­tion
upon reg­is­tra­tion

More infor­ma­tion about the issuer, as well as the legal doc­u­men­ta­tion you will receive after reg­is­tra­tion and dur­ing the sub­scrip­tion process. We are avail­able for ques­tions at any time – contact@blackmanta.capital

Inter­est­ed investors must reg­is­ter and qual­i­fy as pro­fes­sion­al client accord­ing to Annex II of DIRECTIVE 2014/65/EU. A pro­fes­sion­al client is a client who pos­sess­es the expe­ri­ence, knowl­edge and exper­tise to make its own invest­ment deci­sions and prop­er­ly assess the risks that it incurs. 

Poten­tial investors must suc­cess­ful­ly com­plete an investor iden­ti­fi­ca­tion process in accor­dance with anti-mon­ey laun­der­ing rules in order to invest. Only iden­ti­fied and ver­i­fied investors can par­tic­i­pate in the offer­ing and pur­chase tokens. There is no pref­er­en­tial sub­scrip­tion right for investors. There is no enti­tle­ment to allo­ca­tion of the tokens. Acquired tokens will be cred­it­ed to the investors’ per­son­al wal­let and simul­ta­ne­ous­ly record­ed in the issuer’s register.

Legal Infor­ma­tion

The infor­ma­tion in this Offer­ing is intend­ed sole­ly for investors who are not locat­ed or res­i­dent in cer­tain oth­er restrict­ed juris­dic­tions and who are not oth­er­wise per­mit­ted to receive such information.

The infor­ma­tion in this Offer­ing does not con­sti­tute an offer or solic­i­ta­tion to pur­chase any secu­ri­ties in the Unit­ed States, Aus­tralia, Cana­da, Japan, South Africa, the Repub­lic of Chi­na or in any oth­er juris­dic­tion in which such offer or solic­i­ta­tion is not autho­rized or to any per­son to whom it is unlaw­ful to make such offer or solicitation.

Users of this infor­ma­tion are request­ed to inform them­selves about and to observe any such restric­tions. Secu­ri­ties may not be offered or sold in the Unit­ed States absent reg­is­tra­tion or an exemp­tion from reg­is­tra­tion under the Unit­ed States Secu­ri­ties Act of 1933, as amended.

An invest­ment involves con­sid­er­able risks and can lead to the com­plete loss of the assets invest­ed. In the inter­ests of risk diver­si­fi­ca­tion, only those amounts of mon­ey should be invest­ed that are not required or expect­ed to be returned in the near future. How­ev­er, the risk is lim­it­ed to the invest­ment sum made and there is there­fore no oblig­a­tion to make addi­tion­al contributions.

DISCLAIMER

 

MARKETING NOTICE PURSUANT TO § BT 3.1.1 MACOMP

THE FOLLOWING IS A MARKETING COMMUNICATION AND NOT AN INVESTMENT RECOMMENDATION. THIS ADVERTISING COMMUNICATION IS THEREFORE NOT A SUBSTITUTE FOR INVESTMENT ADVICE AND DOES NOT TAKE INTO ACCOUNT THE LEGAL PROVISIONS PROMOTING THE INDEPENDENCE OF FINANCIAL ANALYSES, NOR IS IT SUBJECT TO THE PROHIBITION ON TRADING FOLLOWING THE DISSEMINATION OF FINANCIAL ANALYSES.

THIS SITE DOES NOT CONSTITUTE AN OFFER OF SECURITIES OR A SOLICITATION OF AN OFFER TO PURCHASE SECURITIES TO ANY PERSON IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS UNLAWFUL. THE DISTRIBUTION OF THIS OFFER MAY BE RESTRICTED BY LAW IN CERTAIN JURISDICTIONS. FAILURE TO COMPLY WITH SUCH RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF SUCH JURISDICTION.

THE OFFER IS ONLY AVAILABLE TO INVESTORS FROM EUROPE WHO HAVE EXPRESSED AN INTEREST IN INVESTING IN THE OFFERING.

THE INVESTMENT INTO THE PROJECT BEARS A RISK OF TOTAL LOSS OF THE INVESTED CAPITAL. IN SUCH A CASE THE INVESTOR WILL NOT RECEIVE HIS INVESTED CAPITAL BACK; INTEREST; OR ANY OTHER REMEDIES.