Risk assessment methodology
Version 1.3 (EN) · In force since 9 July 2026
No investment project is risk-free, and at Fundeen we don't hide that. What we do is assess it systematically and publish it transparently. Every opportunity is analysed with our Risk Assessment Methodology, developed entirely by Fundeen: 13 indicators across three categories, covering the technical, financial, economic and commercial aspects of the product and the project behind it.
The three indicator groups
Primary indicators (2)
33% eachRevenue mechanism and financing product. They capture most of the risk and set the starting level of the product.
Corrective indicators (6)
They adjust the result of the primary indicators up or down, depending on the specific characteristics of the project and the promoter.
The LCOE (levelised cost of energy) only applies to generation projects. For the rest, its weight is redistributed proportionally among the other factors.
Other indicators (5)
More structural factors, which vary little from one project to another or are not easily comparable between them.
From score to rating
Each indicator is rated in five bands —from Low to High— which translate into a score between 0 (lowest risk) and 1 (highest risk). The weighted aggregation of the thirteen scores gives a result between 0 and 3, which is converted into a rating from A+ to F.
A+
Minimum
0,0
A
Low
0,0–0,5
B
Low-Medium
0,5–1,0
C
Medium
1,0–1,5
D
Medium-High
1,5–2,0
E
Elevated
2,0–2,5
F
High
2,5–3,0
We use this rating as a reference to set the target return of each project and, at the highest risk levels, to decide whether the project is viable. The methodology is aligned with Regulation (EU) 2020/1503 and Delegated Regulation (EU) 2024/358, is approved by Fundeen's management and is reviewed every year.
This version 1.3 came into force on 9 July 2026 and applies to all projects published from that date. Earlier projects keep the rating they obtained under the version in force at the time of their analysis. These are the projects funded under the previous risk system:
- Porfolio Delta Solar (Cataluña)
- Proyecto Solar Isola (Menorca)
- Porfolio de Movilidad Eléctrica ERANOVUM II
- Proyecto Solar Nuevo Erica (Valladolid)
- Proyecto Solar con Baterías Son Magraner (Islas Baleares)
- Proyecto Solar Cap Blanc (Islas Baleares)
- Proyecto Solar Santa Eulalia III
- Proyecto Solar con Baterías Balos (Gran Canaria)
- Porfolio de Movilidad Eléctrica Olympus
- Proyecto Solar Carbeso (Barcelona)
- Portfolio Híbrido Ayagaures Medioambiente (Gran Canaria)
- Proyecto Solar Abadía (Cáceres)
- Proyecto Solar Santa Eulalia (Mallorca)
- Proyecto Solar Nuevo Zuera (Zaragoza)
- Portfolio Solar Guadalhorce-Talayuela (Málaga y Cáceres)
- Portfolio Solar Son Vent (Mallorca)
- Proyecto Solar Partaloa (Almería)
- Proyecto Solar Totana (Murcia)
- Proyecto Solar Calanova (Málaga)
- Proyecto Solar Cartagena (Murcia)
- Portfolio Solar Sunyer-Andrevas (Mallorca)
- Proyecto Solar Totana IV (Murcia)
- Proyecto Solar Santomera (Murcia)
- Proyecto Solar Carril Solar (Murcia)
- Portfolio Solar Azteca (México)
- Proyecto Solar Alcaudete (Jaén)
- Proyecto Eólico Labraza (Álava)
- Proyecto Solar Molina de Segura (Murcia)
- Portfolio Solar MASPV II (España)
- Repotenciación Eólica Montes de Cierzo II (Navarra)
- Proyecto Solar con Baterías Can Cerdó II
- Proyecto Solar Sant Fruitós (Barcelona)
- Portfolio de Recarga Eléctrica Remo (Alicante)
- Portfolio Solar MASPV I (España)
- Portfolio Solar Aude (Francia)
- Portfolio Solar RCSM (Mallorca)
- Proyecto Solar Soleil de Quillan (Francia)
- Proyecto de Recarga Eléctrica Eranovum (Sevilla)
- Proyecto Solar con Baterías Son Ripollet (Islas Baleares)
- Proyecto Solar con Baterías Son Castelló (Mallorca)
- Portfolio Nudo Andorra (Teruel)
Investment product risk assessment methodology
Full v1.3 document: the 13 indicators, their scoring criteria, weightings and calibration.