Open your energy project to investors with tokenized securities.
A solar, wind or storage farm. The project company issues shares or bonds and the ERIR registers them in a digital registry. The plant remains in that company.
How this is financed.
A renewable project is usually held in a special purpose vehicle (SPV) that owns the plant, the permits and the contracts. What you tokenize are the shares of that company or a bond backed by the project's revenues, and the physical plant remains in it.
In both cases, that energy token is a tokenized security, subject to Ley 6/2023 and MiFID II, and not a crypto-asset.
- With shares of the SPV you open up ownership of the project. The investor shares risk and return, and your control is diluted. The SPV must be an S.A.
- With bonds and debentures you obtain financing without giving up ownership and you keep control. The investor has the right to receive principal and interest, and the coupons can be paid with the PPA cash flows, the long-term power purchase agreement.
When it fits and when it doesn't.
It fits if…
- The project is held in an SPV in the form of an S.A., or you can create or convert it before issuing.
- You have a firm PPA whose revenues can back a debt issuance.
- You want to finance yourself without giving up ownership of the project, or you accept bringing in partners who share the result.
It doesn't fit if…
- You want the token to represent the plant, a wind turbine or the evacuation infrastructure. What is registered is the security issued by the company.
- You want to issue shares from an S.L. Its interests cannot be securities.
How it's done with HokenFi.
The project's financial logic prevails, so you start with the structure. Law firms handle the legal work, the ERIR the registry and HokenFi the software.
- 01
Your company
A corporate law firm creates the project company or converts yours into a public limited company, if needed. You choose it from offers without leaving your account.
- 02
Your issuance document
A law firm specialized in securities or an investment services firm (ESI) drafts the issuance document. You also choose it from offers.
- 03
Your issuance
You create the tokens for your issuance. You start paying for the plan when you launch it.
- 04
Go to market
The ESI validates the offer when the law requires it and the ERIR registers the securities. You open the issuance collection account, with its own IBAN. It is the automated IBAN plugin, at 150 € per month, included in Scale and Institutional.
- 05
You open to your investors
Your investors are verified, subscribe and pay by transfer to that account. The ERIR records them as holders and you see the list on your dashboard.
In Spain, today
A tokenized security from an energy project follows the same rules as the non-tokenized share or bond. Shares and bonds are financial instruments, so Ley 6/2023 and MiFID II apply. Those rules apply to issuance and trading also when the medium is a distributed ledger. They fall outside MiCA, the European crypto-asset regulation.
The ERIR is the entity that registers tokenized securities. It is regulated by Article 8 of Ley 6/2023 and Real Decreto 814/2023. Today the only one listed by the CNMV is Ursus-3 Capital.
As of 1 October 2026, the CNMV register includes 21 tokenized issuances for 77,925,715 €, all with Ursus-3 Capital as ERIR.
Source: CNMV public registry, as of 1 October 2026.
What beginners usually ask.
Can I tokenize the plant directly?
No. You tokenize the shares of the SPV that holds the project, or a bond backed by its revenues. The physical asset, whether a solar farm, a wind turbine or the evacuation infrastructure, is not represented on-chain.
Can an S.L. be used to tokenize the project's capital?
No. The interests of an S.L. cannot be securities. To tokenize shares you need an SPV in the form of a public limited company, incorporated or converted before issuing. An S.L. can issue bonds, with a cap of twice its equity unless the issuance is guaranteed.
Can the PPA back the issuance?
Yes. Its revenues can back a debt issuance, and the bond coupons are paid with those cash flows. The PPA is not tokenized. It provides the revenue predictability that supports the transaction, and the specific structure is defined by your law firm.
Is a tokenized energy security subject to MiCA?
No. MiCA excludes crypto-assets that are financial instruments, and a tokenized share or bond is one. They are governed by Ley 6/2023 and MiFID II.
What role does HokenFi play in relation to the ERIR and the ESI?
HokenFi is the software with which you create the tokens, view the list of holders and program the transfer rules. The ERIR registers the securities and keeps the registry. The ESI validates the offer when the law requires it. HokenFi does not receive or custody funds, does not provide advice and does not provide regulated services.
Do I need a prospectus?
In general no, if you are below 8 million in twelve months. From June 2026 the European regulation sets that figure at 12, unless a country opts for 5, but Spanish law still says 8, so your law firm confirms the one in force. Yes, you need the issuance document.
What if I target only qualified investors?
Generally you do not need a prospectus. Your law firm confirms the exact fit of your offer.
Equity or debt? Start with the financial decision.
Review the form of your SPV and, if you have a firm PPA, study it as backing for a debt issuance. Download the 2026 guide or tell us about your project.
