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Our Story

Sun.en Capital Oü is a Solar PV development investment partner with a strong track record in delivering value to our clients and partners. Our dynamics go further than that. We are a company built on resilience and clear line of sight. The resilience to develop and invest in highly competitive markets to become a significant player in low Solar PV LCOE, thereby assisting with the energy transition towards a low carbon footprint. The clarity in our line of sight to only develop and hold assets in unsubsidized markets, where we compete in market-based electricity segments, and where Solar PV, as a distributed generation solution, enhances grid stability and favorably competes against conventional and other renewable technologies.  

With our extensive expertise in power generation, we have the agility and knowledge to develop opportunities others find difficult to structure and execute, delivering greater value to our clients, developers, and investors.


2010 - 2016 > MATURING YEARS, Wind onshore and Solar PV projects across multiple jurisdictions and regulatory regimes, where the Sun Capital partners have delivered in excess of 4.2GWn in capacity as developer and financial advisor. 

  • 2017 > BREAKPOINT IN LCOE, Solar PV becomes a viable competitor in the Iberia electricity market.
  • 2019 > Launch of the Sun Capital partnership.

What we do

Because there’s more than one way to peel an orange, we leverage our experience to find astute ways to fund and structure development.
By developing, building and operating photovoltaic plants in unsubsidized environments, we deploy the skills and agility of a project developer as well as the long-term vision of an independent investor in the production of electricity from renewable energy sources.


Build Capacity

We are specifically targeting less than 50MWp projects, in the vicinity of viable load centres, with significant irradiance factors.


Develop Partnerships

We either develop on a stand alone basis or create development partnerships with local developers, as we believe this is where significant dislocations prevail and give rise to momentous efficiency gains.


Deliver Impact

We deliver measurable impact towards the EU’s energy transition, and our clients and partners. We strongly believe that our development and structuring track record accelerates projects development cycles, and provides an attractive investment yield to our clients.

Where do we fit in the Private Infrastructure Segment


Apt to hold equity during construction and operation


We create the development funding product and raise the funding requirements through our regulated placement network.

DevCo & DevCo partner:

Whether we act as development partner or develop on a stand alone basis, we take ownership of the entire process from funding close to financial close, covering both development and structuring activities.

Equity partner:

We invest alongside our clients, with an equity share that will range from up to 70% to a minimum of 10%. Being in a competitive market, we typically provide revenue management services to our investee OpCo SPVs.

The value we bring to 
Solar PV projects


What we cover along the value creation process




Our passion is dedicated towards developing and financing projects in countries where Solar PV constitutes an economically viable response to growing energy needs. By focusing on geographies where capacity generation mix is patent and solar resources are of high quality, we demonstrate our creativity and flexibility to adapt our solutions and optimize the cost of produced electricity. 

Founders and Advisor


About Cedric Bérard

More than 18 years of experience in infrastructure, project finance and alternative investments, mainly in the energy transition sector. Prior to co founding SunCap, Cedric was leading project finance and energy transition at Duff & Phelps, and held executive roles in renewable power generation companies. Within the renewable power generation segment, Cedric has developed, financed and sold in excess of 1GW in Solar PV, small Hydro, and Wind onshore capacity.  

Cedric currently shares the direction of SunCap with his position as Senior Director at Finenza, a boutique advisory firm with a significant track record in fund placement and impact driven real asset advisory.  

Cedric has a PP&E from Oxford University and Master in Business Administration from London Business School.


About Jorge Espadas

Jorge began his activity in the world of renewables in 2001 with the development of PV projects in Spain, growing its development activities in Italy, Romania, Ecuador, Chile, Mexico, Turkey and Kenya. Jorge’s track record covers in excess of 3GW in development and advising tier 1 financial players on EPC, OM, and OAM structuring.  

Jorge currently shares the direction of SunCap with his position as European Vice President of the Suntech Power IPP.  

Jorge completed his Degree in Law and Business Administration and Management at the Alfonso X el Sabio University of Granada (UAX), and holds an MBA from the Catholic University of Murcia (UCAM).


About Mesrop Nerkararian

With more than 18 years in real asset advisory and brokering, Mesrop is an advisor to Sun Capital, where aside from bringing stimulating ideas and contributing in expanding Sun Capital’s reach, he challenges the partnership in growing its footprint in unsubsidized markets.

Mesrop started his activities in renewables in early 2000s in Asia where he founded his first advisory firm and developed and sold rooftop and ground mounted PV, since then he has advised and brokered in excess of 5GW of PV projects across all continents.

Mesrop has an MBA from the Moscow State Institute of International Relations (MGIMO) and completed his PhD in Economics at the University of Queensland.


About Borja López 

With more than 10 years' experience of the energy market, Borja has provided legal advice in successful transactions in four continents and more than 15 countries in all kinds of energy projects and infrastructures, including bidding processes for energy portfolios, Due Diligence and the acquisition of portfolios of renewable energy projects. He started his career in Jones Day's Madrid office as an associate in the Banking & Finance sector. Before joining Sun Capital Development Partners as Advisor he was Counsel at Bird & Bird´s energy practice, General Counsel in Bow Power Energy (including shareholders ACS group and Global Infrastructure Partners) and before that he was a lawyer in charge of the Banking & Finance legal area in X-Elio (including its shareholders KKR and Gestamp)

He is a qualified lawyer and member of the Spanish Bar. Borja is also a law graduate from the Complutense University in the "Instituto de Estudios Bursátiles" which also comprises a 5 year Masters in the Financial Markets in Madrid.

He is fluent in Spanish and English.

Contact us

Sun.en Capital Oü


Ahtri 12, Tallinn, 10151, Estonia


Sun Capital S.L.


Castillo de Fuensaldaña 4 - Office 109,
Las Rozas, Madrid, Spain.


Sun Capital 


28 rue de l’Amiral Hamelin
75016 PARIS - France

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