Energea Portfolio 4 and 5 Loan Memos: 13.5% Tesla Charger Loan, 18% Colombia Peso Loan (Oct 28, 2026)

What was filed, and by whom

Energea Global LLC is the general partner of several Regulation A funds. Our Energea Portfolio 2 review covers the Brazil fund. This page covers the two that lend money to other companies instead of owning the plants:

Source: Forms 1-U of October 28, 2026, Forms 253G2 (Supplement No. 1) of October 28, 2026, Forms 1-SA of September 25, 2026, Form 1-U of November 3, 2026 and the EDGAR filing index read November 4, 2026. Both memos are dated October 21, 2026 on their covers. Do not add the two funds together: each has its own investors and statements.

Portfolio 4 is not a new lender. Its Form 253G2 of October 28 also lists a $5,000,000 convertible loan to CT Solar One LLC (closed December 31, 2025) with $3,728,315 lent at June 30, 2026, at 13.8% interest. Portfolio 4's own Form 1-SA shows total assets of $9,920,896 at June 30, 2026, of which $263,003 was cash and $5,071,975 was loans receivable. A $10,000,000 ceiling is therefore about the size of the whole fund's balance sheet (our arithmetic: 1.01 times), which is one reason the filing's word “uncommitted” matters: the fund is not obliged to lend it, and the memo says it may “decline, defer, reduce or condition any Advance even when every condition is met.”

Portfolio 4: the ChargedEV memo

What the borrower is

ChargedEV Holdings LLC owns no hub directly. It will hold two project companies, one for the Norcross, Georgia hub (eight Tesla V4 posts, open to the public since April 28, 2026) and one for Morrisville, North Carolina (open since October 1, 2026). The memo calls the sponsor the “sole full-time principal” and lists the risk plainly: a borrower “run by one principal who also carries other projects and personal guaranties.” The Sponsor's reported liquidity is $275,000 in cash within net worth of about $2.7 million, which the memo says is unaudited and not reconciled to bank evidence. There are no entity financial statements and no operating record before 2026.

The revenue is not contracted. Drivers pay per session at prices the borrower sets, and Tesla bills as agent, keeps its fee and remits monthly; the memo lists “Tesla is the sole network, billing and O&M provider” among the principal risks.

What the hub earns

Tesla's net payouts to the Norcross project company, after its fee, taxes, chargebacks and refunds, are the only operating record:

Source: Portfolio 4 Form 1-U of October 28, 2026, Exhibit A, Table A-7. September fell 4.6% from August (our arithmetic: $37,780 against $39,599).

After energy cost and rent, the memo estimates cash flow available for debt service at about $12,000 a month before insurance. On the first loan of $270,000, that is about 3.9 times the $3,038 interest-only payment and about 2.4 times the $4,986 level payment, and the memo's projected coverage on that loan is about 2.49x. Total interest over the life of the loan would be $157,896. The loan would be 59.6% of the hub's total installed cost of $453,269 (our arithmetic). One thing the memo flags: business interruption cover of $400,000 is below the roughly $479,465 of projected revenue its own schedule requires, and the sponsor asked for 30 business days to raise it.

The coverage numbers change with the loan terms

The borrower's model, last saved September 14, 2026, was built before the loan terms were signed. It sculpts payments over 84 months with no interest-only period and uses a monthly rate lower than 13.50% would give. Its DSCR for 2027 is 1.45x. The lender restated it on the signed terms, with the same amounts, dates and cash flow:

Source: Portfolio 4 Form 1-U of October 28, 2026, Table 6 and the text that follows it. The covenant tests only “Qualified Projects” with six months of cash flow, the lender may reshape any advance, and the memo says the model is conservative on Norcross, so the dip depends on how the Morrisville hub ramps up.

What is signed and what is not

On October 19, 2026 the memo's own status table showed the all-assets security agreement, the pledge of the project companies' equity, the sponsor's pledge of the borrower's equity, the warrant and the collateral assignment of the Tesla contracts all as first drafts, “not executed.” Lien searches had not been run in North Carolina or Georgia, and the account control agreements were not on file. Waiver, Consent and Amendment Agreement No. 1, dated October 20, lets the first advance fund before the UCC filings, account agreements, notice to Tesla, insurance endorsements, closing certificates and legal opinions, and converts them into post-funding conditions due three to thirty business days after funding. The memo adds: “Missing any deadline is an Event of Default without a cure period,” and no further advance is considered until all are met.

Other loose ends the memo itself lists:

• Several closing certificates, the Tesla consent and the deposit-account schedule name “Energea Portfolio 6 EV Infra, LP” instead of Portfolio 4 and are being re-issued. We found no SEC filer by that name on EDGAR on November 4, 2026.
• The Morrisville installation agreement names a different client and site address and is to be corrected before any spending there is approved.
• A Maryland project outside the platform was to be financed by an SBA 7(a) loan underwritten by Stearns Bank, N.A.; the sponsor now reports neither will proceed because EV charging is treated as a passive business, and he intends to propose it to the fund.
• The federal Section 30C charging-equipment credit is repealed for property placed in service after June 30, 2026; Norcross was placed in service in April 2026 and the sponsor claims any credit personally, outside the cash flow.

The price of the money

The memo sets the 13.50% against an indicative 8.6% to 9.1% for sponsored US middle-market first-lien loans (overnight SOFR of 3.89% on October 13, 2026 plus about 475 to 525 basis points). The 4.4 to 4.9 point premium, in the memo's words, reflects a first exposure below $1 million, a newly formed borrower, uncontracted revenue and no guarantee. The fund also gets a warrant over up to 10% of the borrower's equity, exercisable only after $2,000,000 has been disbursed, and a right of first refusal on the group's other charging projects. Prepaying costs a premium of 50% of the principal prepaid.

Portfolio 5: the Klima memo

The money went out first

The Master Loan Agreement was executed on July 16, 2026. The fund lent COP 4,579,999,993 for Sabana de Torres (Santander) on August 10 and COP 4,580,000,000 for Merecumbé (Cesar) on August 14, which the filings translate to $1,467,478 and $1,473,616, $2,941,094 in all. The Form 1-SA the fund filed on September 25 listed both investment committee memos as “Pending,” and said they “have not been finalized or filed.” They were filed on October 28. The 1-SA also records that an earlier Colombian loan, with Helios Colombia S.A. E.S.P. and Energía de la Alta S.A. E.S.P., was terminated on August 4, 2026 with nothing advanced.

For scale: the loans are 35.9% of Portfolio 5's net asset value of $8,194,490.21 on November 3, 2026 (our arithmetic; the NAV is at a later date than the loans). The fund had total assets of $4,892,339 at June 30, 2026, up from $66,325 at December 31, 2025, after its offering was qualified on February 5, 2026. Its only borrower is Klima.

The borrower and the guarantor

Klima was incorporated in 2024, was renamed and given its energy-investment purpose on June 19, 2026, and is “fully debt-funded”: certified, unaudited equity of COP 56 million at August 31, 2026. Its parent and guarantor, Solenium S.A.S., also builds and maintains the plants (it is the EPC and O&M contractor), and a related company, Unergy Energía Digital S.A.S. E.S.P., sells the power and collects the revenue without being an obligor. All three are controlled by the same founder group.

Source: Portfolio 5 Form 1-U of October 28, 2026, Table 6. The memo says first-half revenue “is well below the 2025 run-rate; Solenium has not yet explained the shortfall,” and that it paid dividends of COP 1.59 billion in 2025 while operating cash flow was negative.

By the fund's own test Solenium scores 6.42 out of 10 (internal target 8), passing 18 of 28 tests and failing on equity to liabilities (6.5% against 40%), net debt to EBITDA (13.2x against 3.5x) and quick ratio (0.39 against 0.7). The guarantee covers all outstanding principal until the post-funding conditions are met, which is COP 9.16 billion against Solenium equity of COP 6.28 billion (146%, our arithmetic). The memo's conclusion: “The guarantee is therefore a bridge to perfected security and seasoned Project cash flow.”

Security, plants and the calendar

As of October 20, 2026: the all-assets security agreement over Klima was executed on October 2 and its registry registration is in progress; the controlled bank accounts were “not yet operating”; and the three steps that tie the plants' trust rights to the fund (the cession, the asset pledge and the pledge over the beneficial rights) are described as “past due.” The fund reserved its rights in writing on October 13 and is preparing a single waiver-and-extension letter. The trust's term is “understood to end on or about November 10, 2026,” and extending it depends on a further amendment to the trust. “New Advances are paused,” the memo says, until security is perfected and a borrower-level model on the signed terms exists.

Source: Portfolio 5 Form 1-U of October 28, 2026, Exhibits A and B. “Community solar” sales to subscribers are a modeled assumption; the memo says no offtaker is contracted today.

Scheduled debt service on both loans is about COP 1.70 billion a year (COP 141 million a month); over 20 years COP 33.9 billion, of which COP 24.75 billion is interest, before Colombian withholding tax of 15%. The first two payments (due September 8 and October 7, 2026) arrived on September 15 and October 13, each inside the five-business-day grace period. The memo also adds Klima's 50% interest in a third plant, Galapa I, as support for the Merecumbé advance, which was approved above the 68% advance rate. Galapa is not energized yet (expected late December 2026 to January 2027), and the memo expects Klima's share to produce about COP 393 million of EBITDA in 2028, a little under a quarter of annual debt service (23.2%, our arithmetic). The memo's own table for the whole Galapa plant shows distributions of COP 564,967,394 in 2027 and COP 783,592,142 in 2028 against COP 848,279,520 of annual debt service on one loan; the plant's distributions first exceed that in 2030.

The currency

The 18.00% nominal rate is 19.56% effective annual, close to Colombia's certified ordinary commercial credit rate of 19.06% and below the 28.59% usury ceiling for October 2026. The fund carries the peso with no facility-level hedge. Worked example (our arithmetic). If the peso loses 10% against the dollar over a year, a dollar-based investor earns 1.18 / 1.10 − 1 = 7.3%, as the memo states. At a 20% fall it is 1.18 / 1.20 − 1 = −1.7%. Break-even is a fall of about 18%.

What the press said, and what the filing says

Trade coverage of October 26, 2026 describes Energea as having “committed US$20 million” to EV charging, with a $10 million credit facility for ChargedEV as the first deal. The filed memo is narrower: the cap is $10,000,000, the facility is “uncommitted,” the fund may terminate it at any time by notice, and as of October 21 nothing had been advanced. We found no $20 million figure in the Portfolio 4 filings we read.

What we could not find

• No ChargedEV financial statements. The memo says there are none; Tesla payout statements and two months of borrower-prepared profit and loss statements stand in for them.
• No coverage ratio for the Colombian loans. The Portfolio 5 memo gives the 1.30x covenant and debt service, but we did not find a projected DSCR for Sabana de Torres or Merecumbé. The memo says a borrower-level model on the signed terms is still to be built.
• No dollar-return figure for Portfolio 5 shareholders. The memos describe what the fund earns on the loans, not what a Class A shareholder receives after fees; the fund's 1-SA shows $14,321 of distributions in the first half of 2026 (non-dividend) and no revenue yet.
• Whether ChargedEV has been funded. The Form 253G2 shows $0 lent as of October 21, 2026. The next supplement or Form 1-U would show the first advance.

What a reader can do with this

• Find which fund you hold. Portfolio 4 USA and Portfolio 5 LATAM are separate partnerships with their own statements; shares in one say nothing about the other. The Brazil fund is a different filer, covered in our Energea Portfolio 2 review.
• Read “uncommitted” as it is written. A $10 million cap is a ceiling. What the fund actually holds is the $0 and $2,941,094 above, plus Portfolio 4's CT Solar loan.
• Check the dated conditions. For Portfolio 5: the trust term around November 10, 2026, the lease condition on November 13, 2026, title transfer in December 2026, and the waiver-and-extension letter. For Portfolio 4: the first advance and the 3 to 30 business-day closing items that follow it, and the first DSCR tests in April 2027.
• Ask the fund's team the questions the memos leave open: why the Colombian loans were funded before the security and before the memos were filed, what the borrower-level coverage is, and whether the $20 million described in the press is a plan or an obligation.
• Size it and plan the exit. The Regulation A offerings tracker and our liquidity guide for real estate crowdfunding show how redemption and secondary options compare, and what private credit is explains why lenders to young borrowers price risk the way these memos do.

FAQ

Sources: Energea Portfolio 4 USA LP (CIK 1853011) on SEC EDGAR: Form 1-U of October 28, 2026 (0001853011-26-000021), Form 253G2 Supplement No. 1 of October 28, 2026 (0001853011-26-000023), Form 1-SA for the six months ended June 30, 2026, filed September 25, 2026 (0001853011-26-000018). Energea Portfolio 5 LATAM LP (CIK 1993443): Form 1-U of October 28, 2026 (0001993443-26-000015), Form 253G2 Supplement No. 1 of October 28, 2026 (0001993443-26-000017), Form 1-SA filed September 25, 2026 (0001993443-26-000013), Form 1-U and Form 253G2 of November 3, 2026 (0001993443-26-000019 and 0001993443-26-000020), and the EDGAR filing index for both CIKs read November 4, 2026. Press: EV Infrastructure News, October 26, 2026. Percentages, ratios, the peso break-even and the 11-week interval are our arithmetic; projections, DSCRs and sponsor figures are the fund's or the borrower's own and unaudited. This is analysis of public documents, not investment, legal or tax advice.