Ecoligo Crowdfunding Faces Payment Delays and Rising Investor Risk

Several companies on the crowdfunding platform Ecoligo failed to make repayments and interest payments to investors that were due on April 30th, 2026. Ecoligo did not disclose the names or exact number of companies to Stiftung Warentest (a German consumer organization).

At least four are likely affected: Investors reported on the online forum Investmentcheck.community that they had been notified of delays in their funding from Ecoligo Projects One, Ecoligo Projects Two, Ecoligo Projects Four, and Ecoligo Projects Six.

These Ecoligo companies (issuers) each launched multiple funding rounds. Ecoligo did not comment on how many or which crowdfunding projects were affected. The platform also did not provide information on the number of investors.

So far there have been few delays

Ecoligo specializes in financing sustainable projects abroad, primarily solar power plants in Asia, Africa, and Latin America. According to the Ecoligo website, crowdfunding investors have fully financed 175 energy-generating projects through the platform.

The target amount was thus reached for these crowdfunding campaigns. Of the €64 million invested, 13 percent has been repaid on time and in full. As of early May, only 10 percent were experiencing payment delays.

Solar systems financed abroad through Ecoligo

Many funding rounds were structured similarly to this example: In 2022, investors could invest in the subordinated loan “McLeod Russel – Mwenge” from Ecoligo Projects One UG (limited liability), Berlin, with investments starting at €100. They were supposed to receive up to 5.5 percent interest per year for approximately six years.

Ecoligo Projects One passed on the net proceeds from the subordinated loan as a loan to a project company that financed the construction of a solar power plant in Mwenge, Uganda, for the tea producer McLeod Russel. Part of the loan amount was to be repaid during the term. However, according to investors, payments due at the end of April from Ecoligo Projects One were not made.

Individual end customers as the trigger

Issuers can only meet their obligations to investors if they receive funds from the project companies. These companies, in turn, depend on their customers paying for electricity as agreed. This is apparently where the problem lies in some cases. Ecoligo told Stiftung Warentest: “For various reasons, electricity payments from individual end customers in the project countries have fallen short of expectations.” As a result, several project companies and issuers lack the funds to make timely interest and principal payments.

Strained financial situation

“The affected issuers are currently in a strained financial situation,” Ecoligo acknowledges in the questions and answers section on its website regarding the delays. It remains unclear when and to what extent payments can be made up or resumed.

However, insolvency is not imminent. This is because investors in subordinated loans can no longer enforce their claims if making a payment would threaten insolvency.

Influence of other projects on one’s own

But why are all projects affected that had a payment due in April? One reason lies in Ecoligo’s structure: Investors invested in a specific project, such as solar power plants in Mwenge, Uganda. They provided the funds to the issuer, who then forwarded them to the respective project company, often referred to as the project owner at Ecoligo.

However, the repayments to investors are funded by inflows from all of the respective issuer’s projects. Ecoligo explains that investors therefore bear “portfolio risk”: Even projects in which investors have not directly invested could have a positive or negative impact on their investment. This is also stated in the risk warnings of the investment and contract documents.

Even careful selection does not protect against losses

Many investors may not have realized what this means: Even those who carefully select their investments and pick a project that performs as hoped are not immune to losses if other funding rounds from the same issuer perform poorly. In particular, those who invest in an issuer’s first or one of its first funding rounds are essentially investing blindly, unaware of which other projects the issuer will add to its portfolio.

Restructuring of investments in Vietnam

In Ecoligo’s case, there was another factor that increased the risk: Starting in 2021, the platform launched funding rounds with additional investors who had to be paid before the crowdfunding investors. The Swedish investor Trine, for example, provided Ecoligo with funds for projects in Vietnam. In its reports for the third and fourth quarters of 2025, Trine reported financial difficulties on its website. Trine stated that it had reached a restructuring agreement with Ecoligo.

From November 2025 to the end of December 2026, Ecoligo was required to transfer all proceeds from electricity sales not needed for the operation and maintenance of its facilities to Trine. The restructuring phase was expected to last until December 2026. It was anticipated that the payments would reach approximately 60 percent of the agreed amounts. Any outstanding repayments would be added to the outstanding loan balance, accrue interest, and be repaid later.

The situation does not bode well

At least all issuers and their funding related to Trine are likely to face financial burdens well beyond the end of the year. It seems rather unlikely that they will be able to make payments in the coming months. Therefore, Ecoligo’s recent announcement that it is impossible to predict when and to what extent payments might resume is surprising.

It is also astonishing that the platform is not disclosing which issuers and project companies are affected. Ecoligo had previously identified problem cases that had to be terminated. This leaves open the possibility that there are even more problem cases beyond Vietnam that have not yet been disclosed.

Investors should secure information on funding

What happens next for investors is completely uncertain. With subordinated debt investments, they have few rights. It is advisable to secure information, at least regarding their own funding, and to exchange information with other Ecoligo investors.

Joint research has yielded helpful results in other crowdfunding cases. This is especially true when the platform itself remains vague.

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(Featured image by Jakub Zerdzicki via Unsplash)

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First published in Stiftung Warentest. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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